REUTERS/Mike Segar/File Photo
As infrastructure talks begin to heat up, taxes â and how much they ll go up â will be a hot topic.
Yes, Biden wants to raise taxes on the wealthy, but he doesn t want to do an outright wealth tax.
It s an important distinction, as Biden is proposing tweaks to already existing programs.
Yes, President Joe Biden wants to tax the wealthiest Americans. But he wouldn t do it with a wealth tax.
It may seem like a small difference, but it s a significant one. A wealth tax is an outright tax on someone s net worth, while Biden is proposing changes to existing taxes.
Tuesday, June 15, 2021 | 2:00 PM Eastern Daylight Time
Join us as four members of the T&E Editorial Advisory Board discuss trending topics that are top of mind with estate planners:
Pending Bills on Estate and Wealth Tax
From Bernie Sanders’ “For the 99.5% Act,” to Elizabeth Warren’s Ultra-Millionaire Tax Act, there are bills pending in Congress that have a direct effect on estate planning. James Dougherty will give an overview of the pending bills and what they mean for high-net-worth clients.
Trusts and Millennials
Millennials are projected to number 73 million, overtaking Baby Boomers as the largest adult segment of the U.S. population. But many existing trusts may not be drafted to best accommodate Millennial beneficiaries and their desires. Al W. King III will discuss how to reform/modify or decant these trusts so that their administrative aspects are properly coordinated with not only the desires of the grantor and grantor’s spouse but also the Millen
Third, the Biden Administration s $1.5 trillion budget for fiscal year (FY) 2022 also focuses on enhancing taxpayer compliance – including an additional $900 million for audits, as part of a 10.4 percent increase in the IRS budget. In addition to IRS spending, the discretionary spending proposal includes $191 million for the U.S. Department of the Treasury s Financial Crimes Enforcement Network (FinCEN) to create a database that tracks the ownership and control of certain companies and organizations. The FY 2022 budget will likely include additional proposals to address the tax gap.
Congressional Initiatives
A number of Senate and House members also have introduced initiatives relating to enhancing IRS compliance of large corporations and wealthy individual taxpayer. While not the prime focus given the Biden Administration s infrastructure proposals, some portions of the below proposals could become part of the legislative deal making.