UN Wealth Tax Model Puts High-Net-Worth US Assets in Crosshairs
May 8, 2024 – ArticlePrivate Client Services Partner, Thomas Giordano-Lascari, authored, "UN Wealth Tax Model Puts High-Net-Worth US Assets in Crosshairs" in Bloomberg Tax.
Excerpts:
The United Nations has offered a framework for countries that want to consider a wealth tax. For advisers of ultra-high net worth clientele in the US, a concern is the continued tendency of multilateral quasi-governmental bodies to push a “one ring to rule them all” uniform system of taxation with a net wealth tax being the latest policy du jour.
That concern isn’t from a political point of view as to the merits of the policy objectives guiding the UN’s efforts, but rather from the perspective of a practitioner in the wealth planning space. Once a net wealth tax is ubiquitous in the domestic taxing legislation of a significant number of countries, the inevitable next step will be defining the reach of that tax, including extra-territorially.
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