Bloomberg Wealth: A Record Buyout Is Just the Start as Wealthy Flee Tax Hike (June 22, 2021)

Melissa Karsh, Michelle F. Davis, and Devon Pendleton of Bloomberg Tax has made available for download their article, “A Record Buyout Is Just the Start as Wealthy Flee Tax Hike” which discusses how the threat of subjecting billions in proceeds to additional capital gains taxes has motivated wealthy individuals and corporations to make sales before the end of 2021, when higher rates could take effect. The article begins as follows: 

For 110 years, four generations of Mills family members earned their money by expanding their great-grandfather’s Chicago apron business into a medical supplier that ranked among the nation’s largest private companies.

But soon after Democrats turned their attention toward raising taxes for the wealthy this year, the family signed a deal to cash out billions.

It was no coincidence, according to people close to the more-than $30 billion transaction, which sold part of Medline Industries Inc. to a consortium of Wall Street investors in the health-care industry’s biggestleveraged buyout. The threat of subjecting billions in proceeds to additional capital gains taxes motivated the clan to get it done before the end of 2021, when higher rates could take effect, the people said.

To see the full article, click here: “A Record Buyout Is Just the Start as Wealthy Flee Tax Hike”

Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal

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