Private Client Group Partner Quoted in The New York Times on Tax Policy under President-elect Trump
Private client group partner Marc Bloostein is quoted in a Nov. 11 New York Times article by Paul Sullivan, “Trump’s Changes to the Tax Codes May Encourage Dynastic Wealth” (subscription required). The article focuses on the potential effects that President-elect Trump’s agenda could have on tax policy, specifically the estate tax, gift tax, generation-skipping tax, and tax incentives for charitable contributions.
In the article, Mr. Sullivan analyzes Mr. Trump’s proposal for the estate tax as we now know it, noting that Mr. Trump’s plan said “capital gains held until death and valued over $10 million will be subject to tax to exempt small businesses and family farms.”
“In other words,” Mr. Sullivan writes, “the tax on capital gains above $10 million would have to paid only when, or if, the assets were sold.” On that topic, Mr. Bloostein notes that “Most people who have substantial wealth have that wealth in capital assets that tend to grow in value [….] It comes down to whether you’re going to sell those assets. Someone who inherits the family compound, that’s great. Someone who inherits a business on the auction block, you have to pay the taxes.”