May 05, 2021

Financial Planning Quotes Lawrence Mandelker on the Biden Administration’s Tax Proposals

1 min

On May 5, 2021, Lawrence Mandelker was quoted in Financial Planning on the Biden administration’s tax proposals.

“This is one of the most exciting times in the field of taxes,” said Mandelker. “The tax law changes that lie ahead, the appreciation of assets over the last 10 years, and the shift in value caused by the pandemic are part of this.”

According to the article, the Biden administration’s plans include raising tax rates on ordinary income and capital gains, modifying carried interest taxation, and eliminating the step-up in basis for a decedent’s beneficiaries at the date of death. However, these issues remain in the proposal stage and require congressional approval.

“Right now, this is really a dynamic situation,” Mandelker said. “The plan has not come out in detail. There are two things you don’t want to see being made — sausage and legislation. We’ll see a lot of horse trading during the negotiations, and we might see some Democrats move away from party policy. A lot of senators view it as how they will run in the next election if someone attaches the label of ‘tax and spend’ to them.”

Click here to access the article