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The bill, which was written by Senate Finance Chairman Ron Wyden, D-Ore., would limit the benefit to individuals earning less than $400,000 a year.
The IRS has clearly communicated that cryptocurrency assets are taxed when they are traded, but this is news to many of the investors who own cryptocurrencies.
In the current tax-the-rich political environment, the wisdom of getting wealthy clients the insurance of an alternative citizenship or residence is obvious.
While the provision helps level the playing field, prominent industry observers, like Michael Kitces, worry the benefit is too narrow. Investment Adviser Association, and other groups, are pushing for a broader tax deduction.
2021 is the last year your clients can use their retirement funds for unlimited charitable giving as a result of provisions in recent tax laws.
A lobbying group for PE firms is rolling out ads targeting 25 members of Congress to try to protect the carried interest tax break.
Technical provisions in the administration's tax proposals could disrupt dynasty trusts and intentionally defective grantor trusts, two ways that super wealthy people have legally avoided taxes for decades.
A sensational report arguing that the wealthy don't pay their fair share of income taxes starts to crumble when percentages are replaced with real money.
Advisers remain wary of President Joe Biden's proposals to raise capital gains taxes, which face political obstacles in Congress. There’s almost no chance any Republicans will support the administration's tax proposals.
Tax-rate changes have minimal effect on the financial benefits of Roth conversions, Edward McQuarrie, professor emeritus at Santa Clara University, wrote in a recent paper. The most important factor is actually compounding.
The effective date for the capital gains tax hike would be April 28, 2021, when the American Families plan was introduced, according to the Treasury Department’s Greenbook, a compendium of revenue proposals for fiscal 2022 that was released with the administration's $6 trillion budget proposal in May.
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.
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.
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.
President Biden likely will need to keep all Democrats on board to get his spending and related tax proposals through Congress.
President Joe Biden's plan is designed to boost IRS funding to lower the tax gap and raise $700 billion over 10 years.
Tax planning has become an urgent topic following President Joe Biden's proposal aimed at high earners and wealthy investors.
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.
Expanded government crackdowns on syndicated conservation easement land deals are creating financial and legal headaches for some wealthy investors.
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.
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