Market Watch: ‘You may never see it as good as it is now’: Wealthy Americans prep their finances for a possible Joe Biden presidency — here’s how
One San Francisco accountant finishes every client conversation with a discussion about what a Biden administration could mean for portfolios
San Francisco accountant Scott Hoppe had a client who was planning to stretch the sale of founder shares in a tech-sector company over a three-year period.
Instead, the client compressed the installment sale into a one-shot transaction this month.
What accelerated the deal?
The 2020 presidential race. “Assuming all else was equal, that was the driver of the choice,” said Hoppe, principal of the accounting firm Why Blu.
Right now, Hoppe’s client, worth between $10 million and $20 million, will be taxed on capital gains at a rate of 23.8%.
If Democratic candidate Joe Biden beats President Donald Trump — and Democrats retain the House of Representatives and flip the Senate — that client could have potentially been staring at a 39.6% tax rate on two out of the installment sale’s three years.
Read more ....
WNU Editor: The Biden campaign has made it very clear on what they want to do when it comes to taxes .... Biden's plans would increase revenue by $3T, spending by $5T: analysis (The Hill). More here .... Biden proposes $5 trillion in new spending, undaunted by Trump's massive deficits (CNN), and here .... Biden platform would raise taxes by $3.4T, study says (FOX News). And while Biden's supporters are saying these tax increases will not impact most Americans .... Biden's tax plan won't raise many Americans' taxes, unless you're rich (Business Insider), when you throw around the numbers that the Biden team are doing right now, the only way that they could reach their goals is to tax the middle class.
10 comments:
Biden said he would not tax those under a fairly large amount. We have no reason at this point to doubt him. Trump said he would give us a great Health Plan, better than Obama's. We have every reason to doubt him.
One wealthy guy does not a situation valid.
The flurry in planning comes at a time when income inequality is at its starkest point in 50 years — and a coronavirus pandemic that could further deepen the divide between the rich and poor. Biden says his tax plan would make sure corporations and wealthy Americans pay their “fair share.”
I Am sure that most who read this site make zillions and want to move their money...ps: try offshore to make it even safer
If you make, say 350,000 a year will you move your family and your money?
The superrich are hiding a ton of money offshore - Business Insider
4:34
Troll, do you want to try that again in English?
some words you do not understand? try middle school again
"One wealthy guy does not a situation valid."
I made a valid criticism of you post. Maybe you ought to go back to 2nd or 3rd grade to relearn English.
Getting rid of the Individual Mandate and the onerous penalties under that is a definite improvement and a step in the right direction. Optimally getting rid of the entire (un)affordable Healthcare Act in its entirety would be optimal in my considered opinion. Of Trump gets reelected and we can get elected enough people who will take his approach, I have full confidence we will get something better than what we had before the (Un)Affordable Healthcare Act.
I fibd it interesting that the biggest supporters of this tend to be politicians, news media personnel, college professors, and others who haven't had to suffer under this actor had loved ones suffer under it.
Biden’s not going to win, however I really want to hedge my $$ into something else like Gold it BitCoin, but not sure of timing. The earlier about the Greenback loosing its status as the Reserve currency is very possible and will have a larger impact on the dollar’s value. Invest properly!
Poster
stop making a fool of yourself. You dislike Obama care? ok. What has GOP offered as a replacement? Tell us with specifics. How many Americans have lost health coverage offered through jobs, jobs now lost because of Virus ? What is to replace that?
908
You self righteous prick. Obama care is an iteration of a plan that has been in the drawers of Democrats for 4 or 5 decades or longer.
It was to cover people who were not covered. They implemented it and voila there still was not 100% coverage and people, who had coverage before no longer had coverage. Great achievement that.
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