With a declaration made, there is still some uncertainty regarding the election, so planning is key.
- Joseph R. Biden Jr. has been declared by major news outlets as president-elect of the United States while the country awaits results of recounts, court challenges, and key congressional races.
- With the potential for a significantly reduced federal gift tax exemption, now is the time to make significant gifts.
- Conventional year-end planning wisdom needs to be revisited in light of a potential increase in income and capital gains tax rates as well.
Former Vice President Joseph Biden has been named president-elect by major news outlets.There will likely be ballot recounts in a number of states, as well as court challenges. The Democrats have retained control of the House by a slight margin and the balance of the Senate is uncertain pending runoff results in Georgia in January. All of this will impact the likelihood of any tax legislation in the new year. Therefore, it is more critical than ever to understand the various tax changes proposed during the Biden campaign, especially since tax legislation can be retroactive.The time to evaluate and put a plan in place is now.
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