Laura Zwicker, chair of the Private Client Services group, shared her insight with Bloomberg Law regarding relief that many high net worth individuals are feeling after hearing that Senator Manchin has voiced that he will not be supporting President Biden's Build Back Better bill. President Biden's bill is aimed towards narrowing the widening wealth gap through various forms of taxation, which includes a surtax on incomes above $10 million that is intended to raise billions over the next decade.

Excerpts: 

"Manchin’s opposition is most significant for those who 'were hesitant' or running late on taking steps to transfer wealth to heirs."

“Senator Manchin’s announcement makes it likely that clients will not want to rush into planning in 2021 and to take a bit more time to think about their transactions."

Read the full article here.

Resources

• Bloomberg Law