Bloomberg Wealth: Rich People’s Favorite Tax Dodges Are Under Attack (July 1, 2021)

Bloomberg Wealth outlines how the Biden Administration’s proposed tax legislation will likely target two of the most common strategies employed by the wealthy to avoid paying taxes. The article begins as follows:

Most people start thinking about their taxes several months (or, um, days) before they’re due. Maybe there’s a year or two when you have a reason to use a strategy to lower your tax bill. But most folks usually just fill them out diligently and forget about them until the next year.

Not rich people. Especially not now.

We are facing what my colleagues are calling a global tax revolution. Elected officials across the world are dusting off formerly anathema, once politically untenable ideas about how to tax both individuals and corporations.

Bloomberg News uncovered a surprise facing rich Americans earlier this week. Two weapons the 0.1% have been using to avoid taxes for decades could be under threat by President Joe Biden’s administration.

To see the full article, click: “Bloomberg Wealth: Rich People’s Favorite Tax Dodges Are Under Attack”

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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