Ultrawealthy Americans Are Scrambling To Get Ahead Of Biden’s Planned Tax Hikes

Ultrawealthy Americans Are Scrambling To Get Ahead Of Biden’s Planned Tax Hikes

In his 50-odd years as an appraiser of gems and fine jewelry, Warren Morss has laid eyes on some dazzling pieces.

There was the eye-popping, 17-carat diamond, and the pair of diamond earrings weighing 4 carats apiece, roughly the same as Hailey Bieber's engagement ring. There was the emerald necklace boasting not one big pendant, but large-cut stones all the way around the collar and more emeralds dripping down the front. (“Really too much in my opinion,” he said decorously.)

These days, though, nothing stands out to Morss quite as much as the sheer volume of work he's getting.

And that's largely thanks to the election of President Joe Biden. 

Biden campaigned on slashing the total amount of wealth that rich families can pass on tax-free to their heirs. As part of the 2017 Tax Cuts and Jobs Act — an unprecedented giveaway to the rich — Republicans and President Donald Trump raised the exemption to an all-time high of $11.58 million for individuals or $23.16 million for couples. Undoing Trump's tax cuts would bring the individual exemption down to $5.49 million; if Biden succeeds in his desire to restore taxation to 2009 levels, wealthy families would be subject to estate taxes after the first $3.5 million. 

The