Biden Wants To Dismantle Two Weapons the Richest 0.1% Use To Avoid Taxes

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(Bloomberg) — An unpleasant surprise for wealthy Americans was lurking halfway through a 114-page document released by the U.S. Treasury late last month.

Technical provisions in the proposal — not mentioned when President Joe Biden presented his plans to raise taxes on the rich in April — could disrupt or dismantle some of the most popular ways super wealthy people have legally avoided taxes for decades.

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One target is dynasty trusts, vehicles that wealthy families can use to benefit multiple generations of descendants. Another is an even more common tool among the top 0.1% — trusts that can move millions, and sometimes billions, of dollars to heirs tax-free.

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“This is the stuff that’s really going to make a difference,” said Joe Maier, director of wealth strategy at Johnson Financial Group. “It’s going to make a difference in the anxiety that wealthy people and their advisers have, and would really make a difference in the revenue the government collects.”

www.msn.com/en-us/money/markets/biden-wants-to-dismantle-two-weapons-the-richest-01-25-use-to-avoid-taxes/ar-AALxlWD

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