May 27, 2021

Any advisor paying attention to President Biden’s new proposals has surely been aware of the huge increase in taxes he is planning for the wealthiest Americans. Among those plans is a nearly doubling of the long-term capital gains tax to 43.4% from 23.6%, and the deletion of the “step-up basis” rule that changes the basis of an asset when it is inherited. That said, Biden is facing some major headwinds on the plans, and surprisingly, it is from his own party. Several prominent Democrats, including Sen. Manchin of West Virginia, say the proposals go too far (including the hike in corporate tax rates). 

(Washington)

FINSUM + Magnifi:  These proposals are a LONG way from being final. We expect much watering down/compromise before anything is official, but some info should be available very shortly when Biden releases his budget plans. 

Other news today: Inflation Concerns TIPS the Market in Favor of Protected Securities and Supply Chain Disruption Could Bring Trade Back to China

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