"The US$11.58 million question is, 'What is going to happen to the gift and estate tax exclusion?'" said Toni Ann Kruse, a New York estates lawyer who counsels ultra-high net worth people.
His plan also includes raising taxes on long-term capital gains, which is the profit earned by selling assets whose values have appreciated. Taxpayers with income above US$1 million would pay a 39.6 per cent income tax on the profit, instead of the current tiered approach that maxes out at 20 per cent for individuals with US$441,450 or more income.
"Joe Biden is running to rebuild the backbone of this nation - the American middle class - by ensuring that our economy rewards work and not just wealth," he said. Several firms said they have been overwhelmed by requests since then, and expect business to pick up more toward the end of the year.
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