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🚀 Wealthy investors preparing for Harris Presidency

🚀 Wealthy investors preparing for Harris Presidency

Liam Gill
September 16, 2024

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

Dow Jones	41,393.78	9.75%
S&P 500	5,626.02	18.62%
Nasdaq	17,683.98	19.76%
Russell 2000	2,182.49	8.43%
TSX	23,568.65	12.92%
Bitcoin	$60,626.10	43.35%
Ethereum	$2,357.76	3.29%
US to Canadian Dollar	$1.36	2.70%

As the presidential race tightens, wealthy investors are increasingly engaging in tax planning to mitigate the potential impacts of a higher estate tax. The current estate and gift tax exemption, which allows individuals to transfer up to $13.61 million without owing taxes, is set to expire in 2025, potentially reducing the exemption by half. Advisors recommend acting soon, as gifting decisions may require months of legal work. Additionally, concerns over donors' remorse and psychological comfort with large transfers are key considerations for families navigating this complex process.
Senate Finance Committee Chair Ron Wyden criticized Donald Trump's recent campaign proposal to eliminate income taxes on overtime pay, calling it "desperate" and claiming it lacks genuine concern for working people. Wyden emphasized that Republicans in Congress would likely not support the proposal and highlighted Trump's past actions undermining overtime protections. Trump’s campaign fired back, defending the proposal as beneficial for hard-working Americans. Trump's overtime plan is part of a broader series of tax cut promises, including tax breaks for tips and Social Security benefits.
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Headlines
1. Boeing is facing a worker strike at their factory for the first time since 2008.
2. Microstrategy announced it had increased its Bitcoin holdings to $14.6B.
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