More than two-thirds of financial professionals surveyed by a leading continuing education website say the odds of a 12.4% hike in 2021 on high-income earners are greater than 50/50.
Forty-five percent of financial professionals say there's at least a 50/50 chance that the estate tax will be expanded in 2021.
Financial professionals predict that millions of Americans are about to get slammed with much higher taxes unless they act by the end of the year.
Assuming the 12.4% payroll tax increase proposed by President-Elect Joseph R. Biden does indeed go into effect next year, shifting income into 2020 before the end of this year could save business owners, as well as doctors, dentists, and other professionals who are employees, tens of thousands of dollars in taxes in 2021.
President-Elect Biden's tax plan would slash the $11.58 million currently exempt from estate taxes to:
None of the above
Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. It does not take into account your investment objectives, financial or tax situation, or particular needs. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences.
The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions.
Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. The material represents an assessment of financial, economic and tax law at a specific point in time and is not a guarantee of future results.
This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.