Wealthy individuals have the unique ability to pursue investment strategies similar to traditional institutional investors, such as endowments, but have the added challenge of considering the tax impact of their choices. This impact can be significant, and 2013 tax law changes increased the burden materially. These changes included an increase in the highest marginal tax rate on ordinary income from 35% to 39.6%, an increase in the highest tax rate on capital gains and qualified dividends from 15% to 20%, as well as a new 3.8% surtax on net investment income for high earners. All of this is before consideration of state taxes, which can be significant! Please see disclosures at the end of this brief.
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