The Biden administration and the U.S. Treasury have recently announced several tax proposals1, with policy debate now underway in both houses of Congress. Clarifications and details will emerge over the coming months as some proposals are amended or eliminated and new provisions considered. Any final legislation will likely differ from its current form. We are sharing our preliminary perspectives in this communication.
From our research, here is what we know thus far:
What Action Should One Take?
At this time, no action is needed for many individuals. While certain proposals could be applied retroactively, Congress still needs to approve the details of the plan and the effective dates.
We will keep you apprised of additional updates that may impact you. Additionally, we can work with you and your other professionals, such as your tax preparer and/or estate attorney, to evaluate any opportunities you may have to mitigate the potential impacts of these legislative changes.
In the meantime, please do not hesitate to contact your wealth management team if you have questions.
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