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.
The bill, which advances to the House floor with a strong bipartisan push, would raise the RMD age from 72 to 75, among many other provisions.
U.S. companies are the group most likely to see a tax increase given the amount of revenue that could bring in, the CEO of Rockefeller Capital said.
Ending the step-up in basis and raising the capital gains tax rate would amount to the biggest curb on dynastic wealth in decades.
Exchange-traded funds are generally more tax-efficient, spinning off fewer capital-gain disbursements that for some could soon become a lot more costly.
One should always model and prepare for changes to the current reality, but the idea of moving money today based on an unknown reality seems a clear abrogation of duties.
With potential tax changes on the horizon, here are the IRA moves to make now.
Narrow Democratic majorities in the House and Senate provide plenty of political obstacles that could impede the president's tax plan.
The president promised tax increases on the wealthy to pay for ambitious plans to spend trillions on infrastructure, education and other Democratic priorities.
While the IRS has not corrected the publication that suggested annual required minimum distributions under the 10-year rule, no one believes this to be correct.
Social Security Administration Commissioner Andrew Saul warns that underfunding the system will increase benefit delays.
The president's tax package could take aim at a long list of sometimes obscure deductions, exclusions and loopholes that are favorites of the 0.1%.
Republicans are likely to oppose the tax increases en masse, but the White House is also risking a struggle with Democratic lawmakers who want the administration to address the $10,000 cap on state and local tax deductions.
Big banks' finance work involving environmental, social and governance projects saves them a lot on taxes.
The idea of hiking taxes on capital gains from the current top rate of 23.8% is viewed by some as a trial balloon to test levels of support and resistance. The top tax rate would apply to those with annual incomes of at least $1 million, which is about 500,000 American taxpayers.
The administration reportedly is considering boosting the tax rate on the capital gains to 39.6% from the current base rate of 20%.
