Wealthy clients also publicly tend to agree with the tax plans for the wealthy from some politicians, but objections remain. “They’re paying enough already, the government wastes money, deadbeats, political insensitive comments and so on,” Morris said. “There are also observations about government efficiencies and recommendations for controlling spending. Ultimately, people simply aren’t overly interested in paying more and receiving less.”
HNW clients do have a few taxes they feel need refining, such as estate tax. Said Morris, “I anticipate that at some time the estate tax will go away and along with it the step-up in basis upon death, which captures the appreciated property values in inheritance.”