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).
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.
Magnifi is changing the way we shop for investments, with the world’s first semantic search engine for finance that helps users discover, compare and buy investment products such as ETFs, mutual funds and stocks. As of May 2021, 350,000+ users with $500+ Billion in Assets Under Influence, have used Magnifi over 2,000,000 times. Try it for yourself today.
This blog is sponsored by Magnifi. The information and data are as of the publish date unless otherwise noted and subject to change. This material is provided for informational purposes only and should not be construed as individualized investment advice or an offer or solicitation to buy or sell securities tailored to your needs. This information covers investment and market activity, industry or sector trends, or other broad-based economic or market conditions and should not be construed as investment research or advice. Investors are urged to consult with their financial advisors before buying or selling any securities. Although certain information has been obtained from sources believed to be reliable, we do not guarantee its accuracy, completeness or fairness. Past performance is no guarantee of future results. This content may not be reproduced or distributed to any person in whole or in part without the prior written consent of Magnifi. [As a technology company, Magnifi provides access to tools and will be compensated for providing such access. Magnifi does not provide brokerage or custody services.]