Skip to content
Wealth
Taxes

Biden Wants to Dismantle Two Weapons the Richest 0.1% Use to Avoid Taxes

Provisions in the U.S. Treasury’s ‘Green Book’ proposal could disrupt dynasty trusts and other vehicles that have benefitted wealthy families for years.

Video player cover image
Biden Says His Tax Plan Is Fair and Responsible
Updated on

An unpleasant surprise for wealthy Americans was lurking halfway through a 114-page document released by the U.S. Treasury late last month.

Technical provisions in the proposal — not mentioned when President Joe Biden presented his plans to raise taxes on the rich in April — could disrupt or dismantle some of the most popular ways super wealthy people have legally avoided taxes for decades.