As one of the country's leading US tax specialists, M&S has a large number of American clients, who will certainly be interested in what President Biden's new tax changes might mean for them....
According to Accountancy Daily:
"President Biden proposed a rise to the tax rate on long-term capital gains for Americans who make more than $1m (£716,925) in a year, raising it from 20% to 39.6% and will increase taxes that hedge funds pay on carried interest with an additional 3.8% of the highest earning Americans paying a total tax rate of 43.4% on profits from long-term investments.
The top tax rate will also rise from 37% to 39.6% for those earning $400,000 (£286,770) annually. This means the rate will return to the same level seen before the 2017 tax cuts implemented during the Trump administration."
The full story is available here: