• Despite plenty of discussion in Congress, the outlook for possible changes to the US tax code is no clearer now than it was three months ago.
  • Proposals include an increase in the corporate tax rate, increasing rates for wealthier households, and higher estate tax rates – but razor thin margins in both chambers of Congress will likely result in compromises.
  • The second quarter of 2021 continued to see good returns across the stock market, with very minimal drawdowns – the fifth consecutive quarter of positive returns for the S&P 500®.
  • While opportunities for tax loss harvesting were limited, other techniques such as deferring the realization of short-term capital gains, were used to manage taxes in client accounts.