Foley & Lardner LLP is hosting a webinar to survey the landscape after the November 2020 elections and assess the potential for tax policy changes in Washington. Panelists—all former Congressmen—will give their best available guidance as to how they see the new term playing out for tax changes.
For reference, an outline of Biden’s tax proposals are here. Vice President Biden has proposed a significant number of tax increases, including eliminating the preference for capital gains and qualified dividends for individuals whose income is over $1 million (effectively increasing the rate from 20% to 39.6%).
Clients’ tax planning until the end of the year will rely heavily on whether tax changes take effect in January 1, 2021 or later. Foley’s current analysis is here, but the outcome of the elections will shed more clues as to what will happen and what clients may need to address by the end of the year.
The possibility of tax increases will mean that some clients need to take action by the end of the year. Foley has prepared a short article about potential tax strategies for taxpayers who may be able to save significant tax dollars by being proactive here.
Should you have additional questions about this webinar’s topic or Foley’s Family Office capabilities, please let us know or visit our Family Office page. If you would like to receive invitations to future Foley Family Office webinars and events, you can sign up here. Please note, those that sign up for this list will only receive communication regarding Foley Family Office webinars and events.