Republicans have unveiled their proposed tax plan today. The proposal includes a path to repeal the US federal estate tax. This should be of interest to wealthy individuals, including foreign nationals investing in the US through US corps, real estate, and/or other activities. The federal estate tax, also known as the death tax, is assessed on money and property you pass on to your loved ones after you die. The tax rates on estates are among the highest in the U.S. tax code, with a maximum rate of 40%. The proposal will double the estate tax exemption to roughly $11 million, from $5.49 million, meaning families can avoid paying taxes on a large inheritance. The proposal eventually repeals the estate tax altogether, phasing it out entirely in six years. This could represent a big windfall for Real Estate and Equity markets.
Please Join Us! 13th Annual Dan McCarty Memorial
Thursday, February 13, 2020
Petruzzello's, 6950 Rochester Road Troy, MI 48085