tag:blogger.com,1999:blog-6398232680738279469.post979420312846338004..comments2024-03-12T07:30:17.846-07:00Comments on The Tax Times: President-Elect Donald Trump Is Less Than Ideal for Tax Advisers?Ronald A. Marini, Esq.http://www.blogger.com/profile/14304486100168506240noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-6398232680738279469.post-67799474540054329512016-12-05T12:29:29.964-08:002016-12-05T12:29:29.964-08:00Our Estate Tax Counsel Robert Blumenfeld, Esq. rem...Our Estate Tax Counsel Robert Blumenfeld, Esq. reminded me that the potential Trump repeal of Estate Taxes could take the form of the 2001 President George W. Bush Estate Tax Repeal. <br /><br />Though Bush reduced the tax, he did not repeal it. <br /><br />Rather, under his 2001 tax cut package, estate tax were reduced every year and then after his presidential term of eight years, they were eliminated for just a single year in 2010, before reverting back to higher rates. <br /><br />So don't eliminate the possibility that Trump could get credit for eliminating estate taxes, just like President George W. Bush, but in reality he could just reduce estate taxes during his presidency and then schedule them for elimination at some future date (e.g. after 2024).<br /><br />It’s good to keep in mind this prior precedent where President-elect Trump could keep his campaign promises without immediately eliminating estate taxes starting in 2017.<br /><br />What do you think?<br />Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.comtag:blogger.com,1999:blog-6398232680738279469.post-20910004376218101752016-12-05T12:21:37.836-08:002016-12-05T12:21:37.836-08:00This comment has been removed by the author.Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.comtag:blogger.com,1999:blog-6398232680738279469.post-8571851387791240282016-12-05T12:18:31.334-08:002016-12-05T12:18:31.334-08:00This comment has been removed by the author.Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.comtag:blogger.com,1999:blog-6398232680738279469.post-42478056512148463942016-12-01T08:32:17.486-08:002016-12-01T08:32:17.486-08:00Probability of Estate Tax Repeal & Later. 1. E...Probability of Estate Tax Repeal & Later. 1. Even if repealed, the estate tax will come back with a change of control in Congress. As a thought experiment, if the Democrats retake Congress after the 2020 census, then you can anticipate an immediate move to reinstate the estate tax. Given their positionon the issue, Democrats are likely to support a lower exemptionand higher rate than current law. 2.Do Republicans do not have the 60 votes for repeal in the Senate. If republicans have fewer than 60 votes, then estate tax repeal will have to be done using a procedure known as reconciliation – which imposes significant political, procedural, and policy challenges and restrictions. Not the least of which will be the sun-setting of repeal after the prescribed budget window (often ten years). 3. There has been a federal estate tax for 99 out of the last 100 years. 4. If the estate tax is repealed, that would mean less money to fund future infrastructure bills, President-Elect Trump, who had proposed between $800 billion to $1 trillion in additional infrastructure spending during the campaign. Ideas like offering bonds, levying a one-time repatriation tax, increasing tolls, etc. to pay for infrastructure spending all have their<br />shortcomings. 5. If Republicans turned to other ideas to help fund infrastructure spending (e.g. – user pay<br />concepts like raising the gas tax), while repealing the estate tax, President Elect-Trump’s blue<br />collar support could evaporate quickly.Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.comtag:blogger.com,1999:blog-6398232680738279469.post-18923501760229538432016-12-01T08:30:49.974-08:002016-12-01T08:30:49.974-08:00This comment has been removed by the author.Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.comtag:blogger.com,1999:blog-6398232680738279469.post-10407336997553489532016-12-01T08:24:16.136-08:002016-12-01T08:24:16.136-08:00Rep. Sander Levin, D-Mich., announced late Tuesday...Rep. Sander Levin, D-Mich., announced late Tuesday that he will not seek re-election as a ranking member on the powerful House Ways and Means Committee so that he can focus his efforts instead on preventing President-elect Donald Trump from scrapping Obamacare and making regressive trade and tax policy changes. <br />Ronald A. Marini, Esq.https://www.blogger.com/profile/14304486100168506240noreply@blogger.com