Businesses, wealthy brace for Biden tax hikes

Businesses and wealthy individuals are preparing for the potential for former Vice President Joe Biden to raise taxes if he wins the presidential election.

Businesses interested in keeping their taxes as low as possible may be considering accelerating their income so it is subject to the current, lower rates but defer deductions until after any tax increases are enacted. Owners of pass-through businesses may be considering speeding up the sale of their assets or their companies in order to use the current capital gains tax rates.

Tax and finance professionals said that some business owners have already started to accelerate sales of their companies.

“The trend that we’re seeing is that founder or management-owned businesses that were considering going to market within the next six to 12 months or are already in the market are accelerating their process to try to get ahead of any potential negative impacts of a Biden tax plan,” said Winston Shows, senior vice president in the mergers and acquisitions tax advisory practice at the investment bank Houlihan Lokey.

He said he hasn’t seen evidence of people who had been planning to sell their businesses in five years planning to sell now instead.

Gropin' Joe is running on raising everyone's taxes. Brilliant.

1 posted on 10/25/2020 9:02:00 AM PDT by Libloather

Almost 50% pay not income tax. So, whom is the wealthiest? Everyone paying them I guess. Meanwhile, the coming proposed tax on businesses if Bidet wins is paid by whom, businesses? No, it is paid by the consumers, the company is just the middle man.

2 posted on 10/25/2020 9:05:07 AM PDT by Mouton (The enemy of the people is the media.)

Joe Biden to raise taxes businesses move off shore democrats stay true to their stupidity.

3 posted on 10/25/2020 9:09:16 AM PDT by Vaduz (women and children to be impacIQ of chimpsted the most.)

Even those who earn $30k will have to cough up at least $1000 for Joe-Kamala-Biden-Harris

4 posted on 10/25/2020 9:11:30 AM PDT by a fool in paradise (Joe Biden- "First thing I'd do is repeal those Trump tax cuts." (May 4th, 2019))

Businesses + Wealthy = Employers

Democrats will not have any of that it harms the welfare programs.

5 posted on 10/25/2020 10:07:13 AM PDT by Vaduz (women and children to be impacIQ of chimpsted the most.)

If, God forbid, Biden is elected tomorrow, watch for a huge sell off of stocks and securities as the wealthy will be liquidating their holdings to move them off shore. Also look for a big spike in gold and silver prices.

6 posted on 11/02/2020 11:31:04 AM PST by The Great RJ ("Socialists are happy until they run out of other people's money." Margaret Thatche)

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