Many RIA sellers who were already contemplating an exit in the near- to mid-term are likely to see the handwriting on the wall and scramble to complete their sales before the tax increase takes effect.
J.P. Morgan Asset Management, EBRI say retirees' spending rises when Social Security and required minimum distributions begin.
But Sen. Chris Van Hollen, D-Md., says it's too soon to tell whether his proposals will be adopted in the $3.5 trillion budget bill working its way through Congress.
Higher benefits resulting from a cost-of-living adjustment could be offset by bigger Medicare premiums and larger tax bills.
Lawmakers could decide to limit like-kind property exchanges as a way to pay for Biden administration spending priorities.
Lawmakers will wrestle with tax relief and increases for the wealthy as they put together a $3.5 trillion budget bill. SALT relief targets the $10,000 limit on the deduction for state and local taxes implemented under the 2017 tax reform.
Those 62 and older profit from cost-of-living adjustments even if they're not yet collecting benefits.
The income calculation for Medicare and Social Security includes tax-exempt interest on municipal bonds.
The pandemic has created concerns about retirement security among millennials and Gen Xers.
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.
Given their limited savings, current low interest rates and the ongoing rise in prices and out-of-pocket health care costs, most boomers need a financial lifeline.
Continued inflationary pressures could result in the largest cost-of-living increase in benefits since 1983.
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.
The political infighting won't affect the $1 trillion in benefits Social Security sends each year to 65 million Americans. But it will likely make it more difficult to begin work on a solution to the program's long-term financial challenges.
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.
71% of American adults worry that the program will run out of money during their lifetime and 19% say the pandemic has affected their plans to file for Social Security benefits, according to a Nationwide survey.
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.
