UN Wealth Tax Model Puts High-Net-Worth US Assets in Crosshairs

May 8, 2024Article
Bloomberg Tax

Private Client Services Partner, Thomas Giordano-Lascari, authored, "UN Wealth Tax Model Puts High-Net-Worth US Assets in Crosshairs" in Bloomberg Tax.


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.

Read the full article here.