The New York Times article “For Top Earners, a Bigger Tax Bite This Year” features Michael J. Puzo, partner and chair of the Private Client Group at Hemenway & Barnes. The article addresses a growing concern among accountants and tax lawyers that, without any last-minute negotiation around major tax policy this year, people are far less focused on taxes. However, a host of changes, including income and capital gains tax rates increases, a new Medicare tax on wages and investment earnings, and reduced itemized deductions for high earners could mean significantly increased tax bills, especially for the top five percent of earners.
Puzo comments, “There’s a little fatigue over planning and giving things away and filing tax returns. It’s like the dentist telling you to floss your teeth. You know there is harm in not doing it, but you don’t see the immediate catalyst for doing it.”
