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Good Morning Pat!
These posts below were published in the past 24 hours.
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Reach Out To Congress: Ask Them To Sponsor The Estate Tax Rate Reduction Act of 2021
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There are efforts in DC to make the estate tax (death tax) worse; higher than a 40% tax on your business and all your assets! But there is hope; a bill to reduce the rate of tax from 40% to 20% has been introduced in the House HR 3178 and in the Senate S1627. We need YOUR help!!!! It's now …
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Update on Biden Administration FY22 Budget Request & Treasury “Green Book＂
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Thank you to Brandon Roman and the team at Squire Patton Boggs (US) LLP for this report.The Biden Administration this afternoon released its FY22 Budget Request. The proposal, which is estimated to cost more than $6 trillion, would dramatically expand the size and scope of the federal government and be paid for by increasing taxes on corporations and the wealthy. …
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Warning; Elimination of Step Up in Basis could destroy your business!
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While the devil is in the details, it is possible that if President Biden's elimination of step-up in basis proposal is passed by Congress you could be paying an estate tax at 40%, and a capital gains tax at 43.4%. The graphic below shows an example of a business worth $50 million, and at the founder’s death, an 81% tax …
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