Category Archives: Estate and Gift Tax

Tax Reform: Congressional Republicans Release Proposed Tax Bill

Finally we have something to look at in the movement toward tax reform. At the end of this post there are two links (1) a 90 page “summary” of the tax reform bill and (2) the tax reform bill known as the Tax Cut and Jobs Act.

On a quick perusal of the 425 page bill, the thrust of the bill is as follows:

  • Increase standard deduction
  • Fewer income tax brackets
  • Many deductions eliminated (the charitable and mortgage interest deductions are essentially intact)
  • Reduced corporate tax rate to 20%
  • Reduced non-corporate business tax rate to 25%
  • Elimination of the Alternative Minimum Tax
  • Estate and Gift Tax exemption increased to $10,000,000 per person
  • Phase out of Estate and Generation Skipping Taxes to repeal after 2023
  • Retention of step-up income tax basis upon death

Continue reading Tax Reform: Congressional Republicans Release Proposed Tax Bill

Death Tax: Repeal or Replace?

grim-reaper4There is much discussion these days about income tax reform.  The tax code has historically been completely reformed about every thirty years and the last reform was about thirty years ago.

There has also been significant speculation as to whether the Federal Estate (a/k/a the Death Tax) is on the chopping block.  Will repeal happen?  When will repeal happen?

Given the dysfunction that is Washington these days, all anyone can do is speculate.  So let me speculate…

Replace?  The short version is that Donald Trump Continue reading Death Tax: Repeal or Replace?