President-elect Joe Biden campaigned to raise taxes on high-income earners. Senate control matters; we will find out in January who controls that part of Congress. Regardless, Draconian, unparalleled tax changes are coming. Biden will be able to raise a lot of money while alienating a very small percentage of voters. The upcoming tax regime will affect income taxes, corporate taxes and a host of other taxes. Most of our members, including non-Americans, will be involved in some way or another.
History shows that buying an exchange-traded fund that tracks the S&P 500 has been the best way for growing savings and is likely to remain so for many years. That is why the Monday Morning program encourages this approach to investing. It is the key to success.
All of us need to take a look at one tax in its present and its upcoming form.
The wealth transfer tax.
This is a tax on any appreciated US property when it is transferred from one generation to another, usually at the owner’s death.
Such property includes US exchange-traded funds like the ones we encourage our members to buy and hold.
How can we minimize the impact of the looming wealth transfer tax?
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