A Window Of Opportunity Is About To Close

Published Friday, April 23, 2021 at: 8:24 PM EDT

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The window of opportunity to act before taxes are hiked is about to close. 

At Tuesday’s State of the Union message, President Biden will likely talk about his plan for higher taxes, which he campaigned on. The details of the President’s plan to end the step-up basis on inheritances is perhaps the most significant change. 

Other tax proposals Mr. Biden campaigned on include a sharp reduction in the favorable treatment on profits from investments, a new top tax rate of 39.6%, and expansion of the 12.4% Social Security tax if you earn more than $400,000 in adjusted gross income annually..  

It’s possible the tax hikes about to be negotiated in Congress could be retroactive, which would make planning maneuvers fruitless. That’s unlikely, however, but the window of opportunity to act is about to be closed. 

If your annual income is higher than $400,000 or your family has an estate worth more than $3.5 million, please let us know if you have questions. 

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Despite details of the coming tax hikes on wealth and investments emerging in press reports this past week, the Standard & Poor’s 500 stock index closed Friday at 4,180.17 – a gain of +1.09% from Thursday and down -0.12% from last week, ending a four-week winning streak. The index is up +60.54% from the March 23rd bear market low. 


Nothing contained herein is to be considered a solicitation, research material, an investment recommendation, or advice of any kind, and it is subject to change without notice. Any investments or strategies referenced herein do not take into account the investment objectives, financial situation or particular needs of any specific person. Product suitability must be independently determined for each individual investor. Tax advice always depends on your particular personal situation and preferences. You should consult the appropriate financial professional regarding your specific circumstances. The material represents an assessment of financial, economic and tax law at a specific point in time and is not intended to be a forecast of future events or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed as to accuracy, does not purport to be complete, and is not intended to be used as a primary basis for investment decisions. This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.

This article was written by a professional financial journalist for Advisor Products and is not intended as legal or investment advice.

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Company Info

35 Pinelawn Rd., Suite 101E
Melville, NY 11747
631.454.2000

805 Third Avenue
18th Floor
New York, New York 10022
212.371.3950

Our Disclosure

Wealth Advisory solutions provided by subsidiaries of Percheron Asset Management Group, Inc.: Herold Advisors Inc. and Lantern Wealth Advisors, LLC., SEC registered investment advisors. Securities offered through Herold & Lantern Investments Inc., a registered broker dealer, Member FINRA, MSRB, SIPC.

Bernard Herold & Co., Inc.
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