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Biden tax plan forecast to bring in $3.6T in decade
The biggest surprise in Biden’s tax proposal is that it assumes an increase in the capital gains rate would be retroactive to April 2021, which would prevent wealthy people from selling off their assets quickly to avoid the hike.
Biden’s budget would raise annual spending to $6 billion
The budget will assume the increase in the top capital gains tax rate to 43.4% that Biden has proposed will be effective retroactive to late April.
Fewer retirees are claiming Social Security at 62
But unemployment resulting from Covid could temporarily reverse that positive trend.
IRS clarifies the 10-year rule, but with added confusion
The agency released a revised version of its publication covering rules on inherited IRAs that confirms there are no RMDs required during the 10 years. But the publication raises another question.
Soaring inflation likely to boost 2022 Social Security COLA
A senior advocacy group predicts benefits will rise 4.7% next year, based on the 0.8% increase in the April consumer price index.
Bid to protect farms from capital gains signals Democratic resistance to some tax hikes
President Biden likely will need to keep all Democrats on board to get his spending and related tax proposals through Congress.
Targeting tax cheats
President Joe Biden's plan is designed to boost IRS funding to lower the tax gap and raise $700 billion over 10 years.
Heeding tax winds, advisers chart new financial tactics for clients
Tax planning has become an urgent topic following President Joe Biden's proposal aimed at high earners and wealthy investors.
Advisers underwhelmed by Biden’s first 100 days
An unscientific poll of readers found 61% disapproving of Biden and 60% opposing his proposed tax increases. The survey was released on April 29, Biden’s 100th day in office.
Brokers raise billions for green land deals IRS calls tax scams
Expanded government crackdowns on syndicated conservation easement land deals are creating financial and legal headaches for some wealthy investors.
Biden tax hike could boost RIA M&A: Rudy Adolf
President Joe Biden is considering a proposal to almost doubling the capital gains tax rate for wealthy individuals to 39.6%. The looming increase could add urgency to the market.
House panel unanimously passes SECURE 2.0
The bill, which advances to the House floor with a strong bipartisan push, would raise the RMD age from 72 to 75, among many other provisions.
Rockefeller’s Fleming sees corporate tax hike as ‘honeypot’
U.S. companies are the group most likely to see a tax increase given the amount of revenue that could bring in, the CEO of Rockefeller Capital said.
Biden tax rule would take billions from biggest fortunes at death
Ending the step-up in basis and raising the capital gains tax rate would amount to the biggest curb on dynastic wealth in decades.
Americans fleeing tax hikes may accelerate shift to ETFs
Exchange-traded funds are generally more tax-efficient, spinning off fewer capital-gain disbursements that for some could soon become a lot more costly.
Taxes are a fact, but should they be a factor?
One should always model and prepare for changes to the current reality, but the idea of moving money today based on an unknown reality seems a clear abrogation of duties.
The Triple Crown tax benefits of 2021 Roth conversions
With potential tax changes on the horizon, here are the IRA moves to make now.
Political reality is likely to curb, not stop, Biden’s proposed tax increases
Narrow Democratic majorities in the House and Senate provide plenty of political obstacles that could impede the president's tax plan.
Biden offers a unity vision with rich paying ‘fair share’
The president promised tax increases on the wealthy to pay for ambitious plans to spend trillions on infrastructure, education and other Democratic priorities.
Weighing in on disputed language in IRS 10-year RMD rule
While the IRS has not corrected the publication that suggested annual required minimum distributions under the 10-year rule, no one believes this to be correct.
