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Ultrawealthy Americans Are Scrambling To Get Ahead Of Biden's Planned Tax Hikes


Ultrawealthy Americans Are Scrambling To Get Ahead Of Biden’s Planned Tax Hikes
Wealth advisers to the 1% say there’s sheer panic: “Sometimes people don’t realize how much money they’ve accumulated until they’re about to lose it.”
Illustration: Damon Dahlen/HuffPost; Photos: Getty
For the 1%, 2020 was a year of gangbusters growth. Now, the ultrarich are scrambling to hang onto their fortunes.
In his 50-odd years as an appraiser of gems and fine jewelry, Warren Morss has laid eyes on some dazzling pieces.
There was the eye-popping, 17-carat diamond, and the pair of diamond earrings weighing 4 carats apiece, roughly the same as Hailey Bieber’s engagement ring. There was the emerald necklace boasting not one big pendant, but large-cut stones all the way around the collar and more emeralds dripping down the front. (“Really too much in my opinion,” he said decorously.) ....

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Some Americans Owe Thousands in Taxes on Enhanced Unemployment Benefits: 'They Threw Us to the Fishes' – NBC 5 Dallas-Fort Worth


Nichols, a 63-year-old executive administrative assistant for a nonprofit, was furloughed in March and just recalled to her job in January. The saving grace for her financially was the fact that her husband is self-employed as a property manager, Nichols says. 
Knowing she d have to pay taxes on her unemployment, Nichols tried to be proactive by opting to have the state withhold a portion of her payments in advance. But when her 1099-G arrived in the mail, she discovered she s on the hook for taxes on $23,076 of her unemployment benefits. It was a complete surprise to me, she says. I just feel like we re behind the eight ball and they threw us to the fishes.   ....

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