If Democrats take the White House and the Senate, as well as maintain their lead in the House, levies on income and estates for the wealthiest may rise.
Former vice president Joe Biden has called for rolling back a lot of the Tax Cuts and Jobs Act, which trimmed income tax rates. He has proposed raising income taxes and Social Security taxes on wages over $400,000.
Democratic presidential nominee and former US Vice President Joe Biden introduces his vice presidential running mate, US Senator Kamala Harris, during their first press conference together in Wilmington, Delaware, on August 12, 2020.Though former vice president Joe Biden has proposed raising taxes on the wealthiest households, accountants are telling their clients to stand pat for now.
"Making decisions now and moving assets based on an election that may go a certain way, based on tax policy that may be created is a little too risky," said Jeffrey Levine, CPA and director of advanced planning at Buckingham Wealth Partners in Long Island, New York.The Biden campaign did not immediately return emails seeking comment.Accountants are largely focusing on two slices of Biden's proposals: income taxes and estate planning.
Making decisions now and moving assets based on an election that may go a certain way, based on tax policy that may be created is a little too risky.The tax rate applies when you sell investments you've held for at least a year. "Make sure that it impacts you personally," said Tim Steffen, CPA and senior consultant in the advisor education group at Pimco.
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