Wealthy people will try to give up property or assets in order to reduce the amount of tax payable
Washington— He said that President Biden’s plan to raise taxes for the highest-income and wealthy people is likely to attract more wealthy Americans to give up property or other assets to charities before the charity’s death to avoid paying large taxes. . The official told the leader of the non-profit organization on a private conference call.
In the conference call, David Kamin, deputy director of Biden’s National Economic Council, was asked how the president’s tax plan will affect charities, especially his proposal to change the tax treatment of the highest income. . An increase in value, such as a business or stock.
Cumming told the organization that the program “increased the incentive to donate to charities,” basically saying that if you don’t want to pay income tax, then the method you need to take is to donate your property to the organization. charitable”.
These comments indicate that Biden’s proposal may encourage the rich to find new ways to reduce the taxes they or their heirs must pay, especially for assets that appreciate in value over time, even if the president strives for regular workers and workers. Seek a financial basis between.Very rich