Axios: The Wealthy Rush to Shield Their Assets From Biden

Driving the news: Biden says he wants to raise taxes on people who earn more than $400,000 a year — which excludes most Americans — and lower the amounts people can give tax-free to their spouses and heirs.

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“Just 1.9 percent of taxpayers would see a direct tax hike” if Biden’s tax proposals for individuals were in effect in 2022, according to the Institute on Taxation and Economic Policy (ITEP).

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