As we move through the remainder of 2021, the focus on tax policy to help fund the Biden administration’s initiatives is sharpening. There are numerous tax proposals circulating that may dramatically impact taxpayers soon. Whether any of these proposals pass and in what form remains unclear.
“Damn the torpedoes, full speed ahead!!” There may not be a more iconic statement of the American can-do spirit. Bellowed by Admiral David Farragut on August 5, 1864 while exhorting Union naval forces in the attack on Mobile Bay, his words still resonate nearly 160 years later as a unique national expression of resolve in the face of a challenge.
The power of the purse is increasing at an unprecedented pace. A third of the world’s financial assets is now under the control of women. From 2016 to 2019, they accumulated wealth at a compound annual growth rate of 6.1%. Over the next four years, that rate will accelerate to 7.2%—adding $5 trillion more annually to the global wealth pool, according to a comprehensive global study.