SVA Certified Public Accountants professional Richard Kollauf, CPA, CFP®, AEP®, JD is featured in an article in the Milwaukee Business Journal’s Guide to Wealth Management titled “A War on Wealth? The Need to Fund Massive Government Spending Puts Business Owners and the Wealthy in the Crosshairs”.
As Congress is considering spending close to $7 trillion, the question is how will this be funded? It plans to fund much of this spending through a number of changes in the tax law including an increase in the top personal income tax rate, an increase in the capital gains rate, a significant lowering of the threshold for the federal estate tax, changes in the corporate tax rate, and changes in the net investment income tax. According to Kollauf, “High-income earners will be impacted, but so will people that many wouldn’t consider ultra-wealthy. Take a tool-and-die shop with gross revenue of $1 million and $600,000 in expenses, where the owner ends up with $400,000. Those types of businesses are the backbone of the economy and their owners will be impacted by the current proposals.”
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Richard is a Principal at SVA Certified Public Accountants, and has more than 35 years of experience working in financial, accounting, and legal operations. His expertise in the multi-faceted financial environment includes business succession planning, tax, investments, finance, mergers and acquisitions, estate planning, and trust administration. He also has experience in estate planning and distribution for complex operational and investment multi-state businesses. Richard provides income tax consulting services to closely-held and family-owned businesses, as well as high net worth individuals.
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