Wealthy seen snaring a $21 billion gift with Trump tax overhaul
Source: Bloomberg
NEW YORK — Some of the wealthiest families in the U.S. are hoping for a $21 billion benefit from President-elect Donald Trump next year.
They and their businesses are re-evaluating, or putting on hold, strategies for transferring money to heirs as the new administration could work with a cooperative Congress to reform or repeal federal estate and gift taxes among its early moves. That would be an about-face from President Barack Obama, who sought to place tighter restrictions on the way wealth could be passed from generation to generation.
“Eliminating the death tax will equate to an enormous gift,” said Peter Rup, who manages about $900 million for rich families at Artemis Wealth Advisors in New York. The IRS collected $21 billion from taxes on estates and gifts in its fiscal year 2016, according to data from the U.S. Treasury Department.
Trump is gearing up to embark on the biggest U.S. tax overhaul in three decades. His proposals include cutting income and corporate taxes and eliminating the so-called death tax, which is paid primarily by the richest 10 percent of earners, according to the Tax Policy Center. Advisers to wealthy families and their offices also anticipate that the new administration’s approach to estate and gift taxes could negate rules they were bracing for, which sought to limit tax breaks on transferring wealth.
Read more: http://www.msn.com/en-us/news/politics/wealthy-seen-snaring-a-dollar21-billion-gift-with-trump-tax-overhaul/ar-AAkXGiC
Way to go corporate media with protecting us from Hillary's e-mails and giving Trump a free pass on his tax returns. Trump is now going to start pushing policies that amount to huge kickback at the working class's expense.
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