The exemption from federal estate taxes has gradually increased over the years while the estate tax rate has gradually decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2015.
One of the primary estate planning concerns for most clients is estate taxes. Indeed, for most people, the main goal of their estate plan is to reduce or eliminate Texas estate tax, if at all possible. The federal estate tax rate is 40%, however, there is an estate tax exemption available. While Texas no longer [ ] The post Answers to Your Questions about the Estate Tax appeared first on Vermillion Law Firm LLC.
“Hillary Clinton Proposes 65% Top Rate for Estate Tax” blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.
The White House has outlined a plan to give the nation’s millionaires and billionaires a massive tax break while adding trillions of dollars to the U.S. deficit. The plan would lower the corporate tax rate to 15 percent, end the estate tax and end the alternative minimum tax—a move that would solely benefit the richest Americans, including President Trump. A leaked 2005 tax return shows Trump paid out $36.6 million in federal income taxes that year—most of it due to the alternative minimum…
If you sell one of these assets – such as vehicles, stocks, bonds, collectibles, jewelry, precious metals, or real estate – and you sell it at a gain, you’ll pay a capital gain tax rate on some of the proceeds. Capital gain rates can be just as high as regular income taxes. Therefore, it’s worth exploring every possible strategy to keep these taxes at a minimum.
~~Examiner Editorial: Fuzzy study provides grit for Obama attack ad :: Romney's tax plan calls for a 20 percent across-the-board reduction in federal income tax rates, the elimination of the inheritance tax and a repeal of the alternative minimum tax. He said his plan would be revenue-neutral, meaning that whatever money the U.S. Treasury would lose as a result of reducing tax rates would be recouped by economic growth and the elimination of various loopholes and deductions.
In the News While legislators have been considering modifying or eliminating the mortgage interest tax deduction, a Pew Charitable Trusts study shows the rate at which the deduction is claimed varies widely by region. In 2012, 34 million households claimed the deduction, costing the federal government $68 billion, according to congress’s Joint Committee on Taxation. The deduction is one of the most costly federal tax expenditures. While 22 percent of tax payers claim the deduction...
According to surveys, the majority of American adults are going through life without properly executed estate plans. Many people don t even know exactly what estate planning is, or why it is important. Everyone is going to pass away someday. This may not be the most pleasant subject to contemplate, but it is simply a fact of life. You must prepare for this inevitability in advance, and it requires the execution of certain legally binding document