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Biden's Plan to Double Capital Gains Tax Sparks Frenzy Among Wealth Advisers
Posted
April 30, 2021
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4:55Now PlayingPresident Joe Biden’s proposal to roughly double the capital-gains tax for the rich has put financial advisers in the unusual position of acting as part therapist and part fortune teller. Frantic calls are coming in from clients surprised to see that what they’d dismissed as rhetoric from the 2020 election campaign has come out this week as concrete White House proposals.
Advisers are telling them to keep calm, but they’re also counseling to prepare for action—bringing forward planned asset sales, shedding stock, reallocating investments, and even restructuring income. “Don’t do anything drastic just yet,” Ed Reitmeyer, a partner at accounting company Marcum LLP, is telling his clients. “The world isn’t over because of a higher capital-gains tax rate.”
It may not be over, but it would be changed. For individuals and couples earning more than $1 million, Biden is proposing to increase the tax rate on profits realized when an asset is sold to 39.6%. He also wants to end a tax break that wipes away taxable capital gains at death, allowing families to escape taxes on appreciated assets when they’re inherited.
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