Capital gains taxes

It’s all but inevitable that the Biden administration, as well as lawmakers at the state level, will target millionaires and billionaires for more levies.

The White House plans to propose almost doubling the capital gains tax rate for those earning $1 million or more, to 39.6 percent.

Virtually all tax advisors have accepted the inevitability of taxes increasing. The only open questions seem to be when and how high.

A group of senators has drafted legislation that would eliminate the long-standing tax break.

If you got rich buying Bitcoin a year ago, Elon Musk is inviting you to purchase one of his cars with some of the proceeds. The taxman will be watching if you do.

Democrats will likely prove successful in raising individual income tax rates and in strengthening audits of wealthy Americans as they work on overhauling the U.S. Tax Code in coming months.

Right out of the gate, this year has provided some intriguing storylines that undoubtedly will have ripple effects when tax pros sit down with their clients next winter.

Progressives are eyeing tax measures including an increase in the capital-gains levy.

You can provide a bit (coin) of good news for clients with outsize short-term gains from alternative assets.

Three House Democrats are pushing legislation that would repeal the carried-interest tax break used by fund managers to reduce the levies they owe to the Internal Revenue Service.

Given the size and number of tax changes proposed by the Biden administration, it’s no wonder advisors face challenges in helping clients prepare for the year ahead.

The outcomes of two elections in Georgia that are scheduled for Jan. 5 are expected to determine the balance of power in the Senate and may also have an impact on the kind of tax planning that accountants should be advising their clients to do.

President Donald Trump spent months on the campaign trail taking credit for “opportunity zones,” a policy meant to encourage investment in distressed communities across the U.S. Joe Biden’s team sees potential in the idea, too.

Biden’s win brings some clarity, but the uncertain state of the Senate leaves questions.

Many taxpayers want to pay less themselves — but want others to pay more.

Any capital-gains tax increase resulting from a Democratic “Blue Wave” victory on Election Day is unlikely to have a big impact on stock prices, according to Goldman Sachs Group Inc.

The recent announcement of potential financial transaction taxes in New York and New Jersey alongside new regulations represent a growing operational challenge.

Levies on most households below the top income brackets would stay about the same as under Trump.

It may seem counterintuitive, but paying appreciably more taxes in 2020 could save families a lot of money down the road.

It’s not too early to start thinking about post-election tax planning.