Even before Joe Biden stepped into the White House, some financial advisers and accountants were predicting their rich clients would act fast to take advantage of lower tax rates before a Democratic-majority Congress could raise them.
What’s more, taxpayers worth at least $1 million — people whom Biden has his eye on especially — reported approximately $22 billion more in net capital gains and/or losses than at the same point in the previous tax season, the statistics showed. By the end of last year, taxpayers reported approximately $794.4 billion in net capital gains/losses, IRS statistics show.
— Ross Bruch, senior vice president and senior wealth planner at Brown Brothers Harriman In his own work with clients who average between $25 million and $30 million, Bruch didn’t see the chance of higher taxes playing into stock-market investment decisions — but he did see it quicken private business sale talks for people already leaning towards selling in the coming years.
Another 3.8% net investment income tax applies for individuals making at least $200,000 and married couples making $250,000. The tax rate for people making at least $5 million would be 31.8%, one tax expert previously noted; that’s the 25% rate, plus the 3.8% net investment income tax — in addition to a 3% surtax.
“In 2019, there were 22% more conversions to Roth IRAs compared to 2018, according to Fidelity Investments data. ” In May, the Biden administration said its proposed rate hike would have been effective as of April 28, when the president unveiled the plan. The Ways and Means Committee proposal would be effective starting Sept. 13.
he'll be one and done..gop next term for sure
Please get this man some help Jill
do it. don't consider it.
Why is so f'n tough for people to pay their fair share of taxes. Most of us play by the rules all our lives. What is it about the most fortunate among us that you feel above supporting the system that made their exceptional circumstances possible?
wow
heres what should raise concerns ... that the president is a criminal
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Billionaires’ income taxes are a tiny fraction of what they make, White House says. Here’s their average tax rateRich families were moving fast to report capital gains in their 2020 tax returns ahead of potential rate increases proposed by Democrats. nice Not like xi, but that’s a level of Common Prosperity… There’s no where to hide. Except mars or something. The lazy IRS looking the other way on complicated returns while screwing the middle class.
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Supply-Chain Crunch, Chip Shortage Focus of White House MeetingThe Biden administration is seeking more information from companies struggling with the global chip shortage, an effort designed to increase transparency in supply chains and ease bottlenecks wow old chips gotta go, legacy gotta upgrade to new stuff not old stuff. If we flipping run out of tater chips you are as good as gone
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