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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.
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.
Biden wants to dismantle two tax strategies used by richest 0 1%
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Dynasty trusts and capital gains levy when moving assets into some trusts are among the Green Book surprises
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Biden aims to dismantle weapons richest 0 1% use to avoid taxes
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