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Potential Tax Costs to the Administration’s Spending Proposals

Potential Tax Costs to the Administration’s Spending Proposals

May 26, 2021
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President Biden has proposed a number of large spending bills that will need to be funded via tax increases and/or deduction deletions if passed by Congress and signed into law. Currently there are a number of changes to the tax laws that could have a significant impact on your estate planning. These are increases in IRS enforcement for wealthy taxpayers, a big one is the elimination of the step-up in basis at death for investments, increases in the top income tax rate and eliminating the benefit of using 1031 exchanges. If any of these tax situations are relevant to you, please contact us at (239)333-2526.