U.S. business owners and investors are scrambling to shield themselves from potentially higher taxes next year, reports The New York Times.
Their goal is to record as much of their future income this year as they can, so some are going as far as selling their businesses, one-time dividends and big-winning stocks as soon as possible.
Additionally, fears of global weakening economies and of a fiscal impasse in Washington have pushed the benchmark Standard & Poor’s 500-stock index down approximately 5% since the election.
Read more on how investors are reacting to tax changes and the shifting global economy.
Also read: Tax tips for cross-border clients