Taxes
Biden Wants to Dismantle Two Weapons the Richest 0.1% Use to Avoid Taxes
Provisions in the U.S. Treasury’s ‘Green Book’ proposal could disrupt dynasty trusts and other vehicles that have benefitted wealthy families for years.
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An unpleasant surprise for wealthy Americans was lurking halfway through a 114-page document released by the U.S. Treasury late last month.
Technical provisions in the proposal — not mentioned when President Joe Biden presented his plans to raise taxes on the rich in April — could disrupt or dismantle some of the most popular ways super wealthy people have legally avoided taxes for decades.