Michael Kosnitzky Comments on Proposed Tax Changes for the Wealthy in The New York Times

Four years ago, when the last changes to the Internal Revenue Code were made, the emphasis was on a lower tax rate for corporations and for super-wealthy individuals, particularly those who owned real estate and could profit from a very specific tax-deferral strategy on property.

Now, corporations aren’t going to be paying significantly higher taxes, at least not as high as some progressives wanted. Instead, the tax legislation focuses on raising revenue from the wealthy.

“All of this legislation is focused on the individual and upping the ante for the wealthy,” said Michael Kosnitzky, partner and co-leader of Pillsbury’s Private Wealth practice. “Increasing the corporate tax rate does not get at the wealthy because corporate taxes are paid by the shareholders, who get less dividends, the employees who get less salary, and the consumer, who pays more for goods and services. These proposals get at personal income tax.”

Read the full article here.