FILE PHOTO: U.S. Democratic presidential candidate Joe Biden speaks during a campaign event at a carpenters union in Phoenix, Arizona, U.S., October 8, 2020. REUTERS/Kevin Lamarque
(Reuters) - Wealthy Americans are scrambling to change their estate plans before year-end, worried that Democrat Joe Biden will win the U.S. presidential election and raise taxes, say financial advisers to the moneyed set.
The biggest concern is that the White House and Congress could get swept up in a "Blue Wave" of Democratic wins that give Biden the power to propose and pass a sweeping set of tax reforms.
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