Wealth taxes popping up at the state level are causing some high-net-worth taxpayers to question their future tax planning strategies — while others are simply relocating. Tax experts delved into these new tax approaches and what’s driving them.
Anthony Sciarra, partner-in-charge of tax at Armanino, highlighted the difference between wealth taxes and current income- and transaction-based taxes. And a recent Deloitte panel provided updates on efforts in California, New York City, and Washington state to impose new taxes on high-net-worth individuals.
To dig deeper, visit the original article on the Thomson Reuters blog.