The long-awaited proposal to overhaul the US Tax Code was announced yesterday, by Congressional Republicans and President Trump. Our first impression: Lots of specifics still missing, and overall it is not too far off from what LNWM’s Kristi Mathisen wrote earlier this year in her article, Taxes Under Trump: What Is Likely.
Here are a few things Kristi says were new from what we had known earlier this year:
***The possibility of an additional higher tax rate for high-income filers.
***While the proposal would repeal the estate tax, there is no mention of what happens to the tax basis (how the estate would be valued for tax purposes) at death.
***20% corporate tax rate proposed by House Republicans (not Trump’s 15% proposal).
***No mention of changes to capital gains taxes.
Kristi, LNWM’s Managing Director of Financial and Tax Planning, will be keeping a close eye on the tax proposal as it moves through Congress. And we will be reporting here and in our quarterly eMagazine Navigator on developments.