Become an InsiderLarge private-equity firms are looking to sell assets before Jan. 1 with the expectation that tax rates will increase in 2021, sources tell Business Insider.
Even if Trump remains in office, experts say the government will need to raise revenue through taxes to fund COVID relief plans. Under Biden's plan, he intends to increase the corporate tax rate from 21% to 28%, as well as nearly double the long-term capital gains maximum tax, from 21% to 39.6% for individual taxpayers earning more than $1 million.
"It's a very real issue on people's minds," said Kimberly Smith, co-chair of the global mergers and acquisitions and private equity practice at law firm Katten Muchin Rosenman.
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I’m praying for President Trump TrumpCovid Trump2020
Tax on the rich is tax everything they have, sold or not sold. At least that’s how they tried to do it in Germany. Didn’t work.
Finally some good news.
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