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Bloomberg Law Quotes Beth Kaufman on Potential Changes in Biden's Tax Plan
Caplin & Drysdale

Bloomberg Law Quotes Beth Kaufman on Potential Changes in Biden's Tax Plan

Date: 4/27/2021

The rich shouldn’t be too afraid of Joe Biden’s tax plans. It’s the really rich who should be getting nervous.

The U.S. president is set to unveil a tax package on Wednesday that promises to raise revenues on those earning $400,000 or more a year. But executives and professionals making over $500,000 annually already pay relatively high tax rates.

. . .

Biden, along with Bernie Sanders and other members of Congress, have floated plans to end a long list of sometimes-obscure deductions, exclusions and loopholes that are favorites of the 0.1%. If some of this passes, it will transform how they very wealthy manage their portfolios and pass on their assets to future generations.

. . .

[A]t least for now, taxpayers can still use trust strategies, and they’re allowed to transfer an unprecedented amount of money, more than $23 million for married couples, to heirs without triggering an estate and gift tax.

. . .

“We might have all year to do this — and we might not,” said Beth Kaufman, a tax attorney at Caplin & Drysdale in Washington, D.C. With so much uncertainty and so many ideas swirling around, “it’s a little hard to know what direction to go in at the moment.”

For the full article, please visit Bloomberg Law’s website (subscription required).

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