We live in uncertain times. There is no certainty in what President Elect Trump will do when it comes to the tax code, but he has stated that he would like do the following:
- Eliminate the estate tax entirely.
- Eliminate the gift tax entirely.
- Presumably, eliminate the Generation Skipping Transfer tax entirely.
- Disallow a step-up in basis for the assets of decedents with estates over $10 million.
However, we don’t know if this will be a high priority or whether Democrats would filibuster such changes.
As far as income taxes go, he has proposed the following:
- Cap deductions at $100,000 for individuals and $200,000 for a married couple filing jointly.
- Increase the standard deduction to $15,000 for individuals and $30,000 for married filing jointly.
- Reduce the federal tax brackets from 7 to 3, with rates of 12%, 25%, and 33%.
Current estimates are that Trump’s tax plan would:
- Reduce taxes for low income earners by an average of 1.2%.
- Reduce taxes for highest income earners by 10.2%.
According to a piece in Fortune, Trump’s plan would add $5.3 trillion to the federal deficit over 10 years.
Theron M Hall, Jr. (aka Tim) learned early in life the need of proper management of estates for their preservation. Born and raised in Apache County, Arizona, Tim worked for his parents’ title company as a youth, where he gained a lasting appreciation for those who work hard to acquire their estates...Read More!
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