The sports leagues are exempt from paying federal income taxes — a free pass that has been subject to recent debate amid a swirl of related controversies about the fairness of the tax code and questions about whether some groups are worthy of tax exemptions
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.
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...
“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.
You should be fully aware of the potential impact of the federal estate tax when you are putting your estate plan together. This tax carries a 40 percent maximum rate, and this can cost your family a great deal of money if your estate is in taxable territory. To explain the estate tax parameters, we should provide a bit of background information. The estate tax was repealed entirely for the 2010 calendar year due to provisions that were contai