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Thread: Minimizing Damage From Proposed Biden Tax Hikes (Emphasis on Capital gains and inheritance taxes)

  1. #1
    Registered Member enigma57's Avatar
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    Minimizing Damage From Proposed Biden Tax Hikes (Emphasis on Capital gains and inheritance taxes)

    https://www.thinkadvisor.com/2021/05...ains-tax-plan/


    Excerpts from article linked above......


    What You Need to Know

    * The Biden proposal would raise the capital gains tax rate on those earning more than $1 million.
    * It would also eliminate the step-up in basis for larger estates, potentially causing heirs to incur significant capital gains taxes
    * Ordinary Americans could see an impact from the proposed changes in the capital gains tax as well.



    Helping Clients Avoid Capital Gains Taxes

    There are a number of ways that advisors can help their clients avoid a capital gains tax hit. These strategies are not new, but many will likely become more prominent should the Biden proposal pass. A few examples include:

    • Focus on asset location. Where possible, hold assets that will be subject to significant capital gains in retirement accounts. This could mean holding growth stocks in traditional or Roth IRAs, as well as in a 401(k) or other employer-sponsored retirement plans. This could also include self-directed retirement accounts for alternative assets such as real estate, cryptocurrency and a host of others.
    • Sell appreciated assets before the new capital gains tax rates go into effect if this strategy would be beneficial in light of your client’s overall situation.
    • Consider converting assets to a Roth account. This can make a great deal of sense due to the current low overall income tax rates and may prove to be a good way to avoid some of the potential capital gains tax hit your clients could face if these new rules are enacted. It can also be beneficial from an estate planning perspective.
    • Wealthy clients should review their estate plans in light of the potential changes to the step-up in basis rules to look at ways their heirs could avoid some or all of a potential tax hit on inherited assets. They may want to reconfigure some things in light of this potential change.
    • Consider donating appreciated assets to charity. Donating appreciated stock offers not only a charitable tax deduction based on the market value of the shares, but also avoids the payment of any capital gains taxes. Beyond a direct donation of assets, a donor-advised fund might be an alternative for clients to consider.
    • Use tax-loss harvesting to offset any potential capital gains when rebalancing client portfolios.

    While nobody can accurately predict what the final capital gains piece of the tax and spending package will look like, we think it’s fair to say there will be a lot of negotiation on the final version of any changes to the capital gains tax rate.

    'G-d Bless The U.S.A.'...... Lee Greenwood......

    http://www.youtube.com/watch?v=U_5aoptI5j0

    Staff Sergeant Roy Benavidez......

    https://www.youtube.com/watch?v=i3nncd4sxaM&t=466s

  2. #2
    Registered Member carls 56's Avatar
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    make the rich pay their equal share? what's he thinking?
    ARMY NAM VET, very proud!

    56 210 4dr

    drive and enjoy them while you work on them, life is to short.

  3. #3
    Registered Member enigma57's Avatar
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    Carl, the rich already pay the lion's share of taxes in this country. Biden can tax them into oblivion and he will still come up short when it comes to paying for the massive socialist agenda those who support the Green New Deal and all the rest of it are pushing for.

    This newest 6 $billion round of tax increases target the middle class, small business owners and everyday working class Americans as much as anyone. That's why I posted this article...... To give folks such as you and I a heads up so we may take action to minimize the increased tax burden we will all soon be subject to. Not only the coming income tax increases...... But with respect to capital gains and inheritance taxes as well.

    ...... The release of the green book which was eschewed by the Trump administration is also likely to provide political fodder in the coming weeks. The document will provide the greatest detail to date on many of the proposals including a global minimum levy, taxing capital gains at death and closing the carried interest tax break that Biden has already outlined in his American Jobs Plan and American Families Plan. It also outlines the amount of revenue the Treasury Department expects those changes would produce......
    https://www.investmentnews.com/biden...billion-207031

    Best regards,

    Harry
    'G-d Bless The U.S.A.'...... Lee Greenwood......

    http://www.youtube.com/watch?v=U_5aoptI5j0

    Staff Sergeant Roy Benavidez......

    https://www.youtube.com/watch?v=i3nncd4sxaM&t=466s

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    THe middle class is where the money is at, not enough rich to pay fot this clowns programs.

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    Registered Member Old Buzzard's Avatar
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    Hopefully, that moron will be gone before my coffee cans are rotted thru.
    Wait! Plastic has a very long "shelf life".....

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    Registered Member busterwivell's Avatar
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    redistribution..............coming to America!

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    Registered Member BamaNomad's Avatar
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    From Biden's G7 meetings in Europe.... He's trashing Trump and Republicans in general... saying 'they' are a small minority! I think he's forgetting about ALL the rest of us who have and will continue to VOTE AGAINST the ultra liberal, socialist Democratic policies and those who espouse them! IMO, this group is the majority of registered voters in the US... and hopefully we'll show the demos in the next election unless the demos get their Citizens Vote destroying moves thru!

    https://www.americarevealed.com/dail...from-overseas/

  8. #8
    Registered Member enigma57's Avatar
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    You are quite correct, Gary. However, to make that happen...... Job One will be to make sure the next elections and all those following are on the up and up.

    It matters little that the great majority of Americans love this country and oppose what the illegitimate Biden regime are doing...... So long as our election processes continue to be fraught with fraud and corruption.

    Elections here in America must be honest and fair...... Not subject to the massive voter fraud and election rigging that allowed Biden and crew to steal the 2020 elections with the help of the rigged Dominion/Smartmatic voting machines and servers...... Which in turn made possible the series of CCP cyber attacks and electronic vote switching during the count.

    None of which would have been possible had it not been for 'establishment Republicans' (never Trumpers) not only standing by and doing nothing to prevent it...... But yes, in some cases, actually colluding with those actively involved in stealing the elections.

    All of that must be addressed and successfully dealt with through the courts and by primarying the back stabbing RINOs...... Else, we here in America will never have another fair election and the Marxist globalists masquerading as 'Democrat' politicians and the Capitalist globalists masquerading as 'establishment Republican' politicians (AKA RINOs) will succeed in destroying our great nation.

    Best regards,

    Harry
    'G-d Bless The U.S.A.'...... Lee Greenwood......

    http://www.youtube.com/watch?v=U_5aoptI5j0

    Staff Sergeant Roy Benavidez......

    https://www.youtube.com/watch?v=i3nncd4sxaM&t=466s

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    Registered Member BamaNomad's Avatar
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    You're right Harry.. FAIR and LEGAL elections by registered citizens are the only way our Republic will survive. We WON'T survive with idiot crooks like Biden, Shumer, and Pelosi running our country while doing the bidding of the Soros crowd!

  10. #10
    Registered Member enigma57's Avatar
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    Agreed!

    HB
    'G-d Bless The U.S.A.'...... Lee Greenwood......

    http://www.youtube.com/watch?v=U_5aoptI5j0

    Staff Sergeant Roy Benavidez......

    https://www.youtube.com/watch?v=i3nncd4sxaM&t=466s

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