These changes are intended to promote a redistribution of wealth across America. According to Forbes, the higher taxes would likely go toward funding social programs and addressing the wealth gap that prominently impacts communities of color. However, for those with more to lose from these legislative updates, Forbes suggests that wealthier individuals start planning now to protect and gain the most from their assets.
Preparation should occur as the election year means either Trump or Biden could take over the Oval Office. Whatever the outcome, one should further secure their assets in case taxes become stricter. Detailing the Biden budget as “harsh,” the publication promotes the creation of trusts and gifts for loved ones before any new tax laws. Thankfully, there is still time, with any legitimate deadline not being until the year’s end.
The business platform encourages flexibility in one’s financial strategy to make the most of monetary and valuable holdings. Incorporating “tax planning techniques” into money management is the safest course of action to maintain one’s money despite uncertain rates and regulations.
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Source: Black Enterprise
