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

Sharing is Caring!

(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.

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.

See also  Joe Biden While Hosting Atlanta Braves at White House: “Everybody Under 15, Come Here, Come on Honey” (VIDEO)

“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

Trending:
See also  Biden warns Putin US will defend ‘every inch’ of NATO land after Ukraine annexation. That's why they'll let Ukraine join NATO

Views: 4

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.