President Joe Biden this week outlined his plan to increase taxes on wealthy individuals as a way to pay for investments in childcare and education.
An almost doubling of the federal capital gains tax rate and a provision curtailing a tax break on property transferred to heirs at death are among the changes in the American Families Plan. But noticeably absent are any increases to the estate tax—either by raising the top rate or by cutting the amount that wealthy families can pass on to the next generation tax-free, both of which are issues Biden campaigned on.
In this week’s episode of Talking Tax, reporter Allyson Versprille speaks to Brad Dillon, a senior wealth strategist at UBS Group AG in New York City.
Dillon discusses the impact the Biden plan would have on wealthy individuals if enacted and whether it makes sense to plan for those changes now.