Stacy Francis Quoted by CNBC on Biden’s Tax Policies For Divorcing Couples
By: Francis Financial
May 20, 2021
Stacy Francis, President and CEO of Francis Financial, was recently quoted by CNBC on how Biden’s tax policies are expected to affect divorcing couples.
“The repercussions of Joe Biden’s proposed tax plan are pretty significant,” says Francis. “Without strategic planning, the tax impacts may be drastic for divorcees”.
Biden wants to raise taxes on the wealthiest 1%, from 37% to 39.6%. Capital gains would increase as well, from 20% to 39.6%. This would impact the separation of assets and home transfers for those that fall into the 1%. The article suggests some tips for divorcing couples, including expediting your divorce before any new policies are implemented, and changing your investment portfolio.
“So many times, people are just looking for the finish line of the divorce…They don’t think about how they’re going to navigate their life afterward,” Francis concludes.