The International Tax Dialogues (ITD) is a series of discussions and interactive technical sessions on key emerging issues in International taxation. The topics are global, contemporary and practical. The discussions shall be led by international tax experts who will explain and take you through the various nuances and technical issues, followed by in-depth discussions.
Topic: “What’s next for US taxes? Preparing for what’s to come under the Biden administration”
Kurt will begin by discussing how US tax rules apply to US persons and non-US persons. He will then recap the 2020 US national election results and provide insights into upcoming US tax changes under the “Biden Plan”, including his views on the likelihood of passage of an annual wealth tax, a reduction in the US Federal estate and gift tax exemptions, an increase in US Federal income tax rates, and a potential elimination of the “basis step up on death”. Finally, he will discuss increasing budgets for IRS auditors that are likely to lead to more frequent audits of high net worth and high earning individuals.