Signed into law in early July, the One, Big Beautiful Bill Act (OBBBA) introduces significant changes to tax law— impacting high-net-worth individuals (HNWIs). From new rules on global income tax (GILTI) to expanded opportunities for Qualified Small Business Stock (QSBS) investments, and much more, understanding and planning for these changes is essential.
Yale’s Budget Lab (TBL) estimated the effects of all US tariffs and foreign retaliation implemented in 2025 through September 3 under two scenarios.
The One Big Beautiful Bill Act (OBBBA) permanently extends key provisions of the 2017 Tax Cuts and Jobs Act, including the SALT deduction cap. From 2025 to 2029, the cap increases to $40,000, but phases down for households earning over $500,000—reverting to the original $10,000 cap for those above $600,000.
Younger, affluent investors are increasingly turning to alternative investments, and may overlook the complex tax consequences that arise from these investments, including K-1 and pass-through income, which can lead to tax and estate planning headaches.
Currently, three European nations, including Switzerland, impose a net wealth tax. Which other countries have a net wealth tax? Additionally, what countries levy a wealth tax specifically on certain assets?