Most beneficial modifications to the individual income tax system will expire at the end of 2025, which means the window of opportunity is closing for those who are worried about potential future tax increases. In other words, there’s no guarantee that the current low tax rates will continue beyond 2025.
There’s now added incentive to move money into a lower tax environment, thanks to the effects that COVID-19 is having on the U.S. economy.
Prior to the pandemic, there was already great concern about the federal debt, which was $22.8 trillion at the end of 2019. But with coronavirus relief spending and stimulus programs continuing to swell, the national debt now tops $26.5 trillion and is expected to grow even higher.
