Stocks Break Record, But Smart Money Is Focused On Taxes

Published Friday, November 13, 2020 at: 7:01 PM EST

The precise tax hikes coming in 2021 are unclear. Nonetheless, proactive tax planning is urgent for high-net worth individuals and high-income earners. Year-end tax planning is normally a routine affair, but 2020 is a year-end tax planning season like no other.  The stakes are high for certain individuals. In an era of expanded Presidential authority, some tax hikes could be implemented in a Biden Administration with executive order. While Congress is given the power of the purse in the Constitution, the Biden Administration will be under pressure to raise revenue. The U.S. balance sheet was unexpectedly weakened in 2020 by an explosion in...

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This article was written by a veteran financial journalist based on data compiled and analyzed by independent economist, Fritz Meyer. While these are sources we believe to be reliable, the information is not intended to be used as financial advice without consulting a professional about your personal situation.

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