April 27, 2021
Bloomberg quoted Tax Partner John Mezzanotte for an article about tax benefits that may close to the highest net worth Americans.
Bloomberg
By Ben Steverman
Excerpt:
Current rules basically create two kinds of wealthy taxpayers, according to John Mezzanotte, a CPA and managing partner of Marcum’s office in Greenwich, Connecticut… Biden is planning a dramatic hike to the capital-gains rate, bringing it to the ordinary income tax levels for those earning $1 million or more. That may simply discourage the wealthy from ever selling their winning investments, although the president and other Democrats have floated various proposals that make capital-gains taxes harder to avoid.
