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According to the CNBC Millionaire Survey, despite the predictions of the Washington Gridlock and the Republican-led Senate, American millionaires are scrambling for tax increases next year.
Nearly two-thirds of millionaires say taxes will rise under the Biden administration, which has questioned 50,050 people with more than મિ 1 million in assets. And 43% say they already pay more in taxes, according to the survey.
Spectrum Group CEO George Welperper, who conducted the survey with CNBC, said, “I think wealthy people have an eye on the cost of stimuli and the effects of the virus and they acknowledge that some of their tax forms will increase over the years.” CEO George Welper said. “They’re real.”
President-elect Joe Biden campaigned on a promise to raise taxes on those earning more than $ 400,000 a year. While the Senate is likely to split or remain under Republican control, any major tax reshuffle is unlikely.
However, with the deficit and rising costs, many wealthy people expect some kind of tax increase to offset costs. Even if the federal income tax is not raised, states and local governments may have to raise taxes to meet the lack of new federal assistance, Perper said.
“If you look at the real estate tax, it can go up,” said Valper.
When it comes to tax fairies, American millionaires feel they have already paid enough. While 50% say they think the amount they pay is right, 43% say they pay too much, while %% people say they pay too little.
At the same time, they feel that Biden’s income threshold of 400 400,000 is the right level for tax increases. More than half said a cut of 400 400,000 was “f” about the right, while approximately the same number (22% and 26%) said it was either too high or too low. The answer was different, with only 11% of Democrats saying the threshold of 400,000 is too low, compared to 38% of Republicans.
Despite predictions that the rich will sell shares or make major changes to their settlements because of Biden’s tax plan, the millionaire plans to make a few changes to their investments or financial planning as a result of potential tax increases. Only 17% plan to sell shares in 2021 as a result of potential tax changes. Biden plans 16% of their giving or making changes to estate planning, with advocacy of additional estate taxes.
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