GOP leaders focus on tax legislation study thefencepost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thefencepost.com Daily Mail and Mail on Sunday newspapers.
.... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... .... New Mexico is home to a vibrant community of over 21,000 family farmers. These hard-working New Mexicans, who produce everything from chile to pecans to beef, make up a large slice of the state’s $3 billion in annual agricultural output. Even before the COVID-19 pandemic engulfed the United States, the sector played a key role in keeping the state’s economy moving. While other industries were forced to shut down last year because of the virus, the men and woman who tend to New Mexico’s farmland pressed on. Unfortunately, politicians in Washington want to make it more difficult for these family businesses to pass their farms down from generation to generation. The Sensible Taxation and Equity Promotion (STEP) Act – a bill introduced by Maryland Sen. Chris Van Hollen, would institute a retroactive tax on the appreciation of inherited assets valued over $1 million. The bill sets no limit on how far back the government can reach to tax transfers of inheritance. This “zombie tax,” as some have called it, marks an unprecedented change in the way capital gains on inherited assets are taxed.
Green Book Signals Green Light to Grandfathered Estate Planning wealthmanagement.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wealthmanagement.com Daily Mail and Mail on Sunday newspapers.
How might Joe Biden's tax proposals affect you? biztimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biztimes.com Daily Mail and Mail on Sunday newspapers.
Without any details, how are advisors expected to advise their clients today? As most estate planners are aware by now, tax bills have been introduced by U.S. Sens. Bernie Sanders, Chris Van Hollen and others that, when aggregated, essentially eliminate every significant estate-planning tool or advantage advisors and their clients currently possess, including an historically high estate and gift tax exemption, stepped-up income tax basis at death and minority interest discounts. And as part of his American Families Plan (AFP), President Joe Biden has proposed a substantial curtailment on stepped-up income tax basis at death. The problem is, although Biden introduced his proposal to eliminate income tax basis step-up at death several weeks ago, as of the date this article went to press, his administration had yet to release any actual bill language in this regard. As all advisors know, the devil is in the details. The question thus remains: Without any details, and with the potential for retroactive application of any basis step-up legislation, how are advisors expected to advise their clients, today?
Retroactive Legislation: Advisors Dilemma With the potential for retroactive application of any basis step-up legislation, here are four options to consider when advising clients. Tax bills have been introduced by U.S. Sens. Bernie Sanders, Chris Van Hollen and others that, when aggregated, essentially eliminate every significant estate-planning tool or advantage advisors and their clients currently possess, including an historically high estate and gift tax exemption, stepped-up income tax basis at death and minority interest discounts. And as part of his American Families Plan (AFP), President Joe Biden has proposed a substantial curtailment on stepped-up income tax basis at death.
How Might Joe Biden’s Tax Proposals Affect You? Friday, May 14, 2021 On April 28, 2021, President Joe Biden presented his proposed “American Families Plan” in an address to the nation. The address set forth hoped-for “once in a generation” investments focused on benefits to American families. These investments included expanded government-funded education, increases in various child and earned income credits, paid leave proposals, and reformation of unemployment insurance programs. The cost of such investments, as well as various investments in traditional infrastructure programs, is expected to be borne, at least in part, by various tax law changes. This article will focus on the tax mechanisms outlined by President Biden to fund the American Families Plan. As one reviews this summary, it is important to keep in mind that none of the changes outlined below have been presented to Congress as a comprehensive legislative package. They are merely conceptual proposals that await drafting of specific legislation by Congressional leaders. Among the proposals are: