With a new administration comes a new tax plan, and your clients will have questions. The new checklists — one for mass affluent clients and the other for HNW clients — will help you lead and guide productive conversations.
Throughout 2020, the Biden campaign outlined a tax plan that identified key objectives and policy changes. Now, as the new administration gets to work, the President and his team remain committed to the core campaign promises, that are targeted toward increasing taxes on corporations and high-income households. Currently, the tax plan loosely defines high-income households as $400K+ and is unclear regarding filing status.
Although most of Biden’s tax plan has yet to become a reality, it’s always best to start client conversations early. You can help clients avoid surprises and set reasonable expectations. When you are proactive, confident, and poised to adapt, you will help your clients adjust if and when changes come down the pike.
