US to close gaps in tax avoidance of the rich

In a document published by the US Treasury Department at the end of May, there are clauses about closing the gaps that the ultra-rich use to avoid taxes legally.

At the top of the targets are private wealth funds used to avoid taxes while transferring wealth within the family, and a number of other instruments used by the 0.1 percent wealthy.

Johnson Financial Group Strategist Joe Maier said these will make a big difference.

Andersen Tax Advisory Director James F. Hogan, who stated that strategists may seek different ways with the changes, said, “Would you continue to use these methods, knowing that you would pay income tax?” he added.

U.S. President Joe Biden’s plan also includes taxing capital movements and earnings for certain funds. The measures announced by the ministry are also designed to close the gaps in the taxation to be implemented within Biden’s plan.

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