Wealthy Advised to Sell for Gains Before Unfriendly 2013 - Bloomberg
Even if Congress averts the so-called fiscal cliff of tax
increases on investments, income and estates, pressure to reduce
budget deficits will mean higher taxes eventually, said Ron Florance of Wells Fargo & Co. (WFC) The answer is to take advantage of
historically low rates and move taxable income and investment
gains into this year, said Florance, managing director of
investment strategy at the company’s private bank.
“It’s the opposite of what people normally do,” said
Florance, whose clients usually have at least $1 million in
investable assets. “You’re paying taxes today in anticipation
of higher rates in the future.”
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