Happy New Year. We begin this year as we ended the last – approaching another cliff. To start the year off right, Andy Friedman appeared yesterday on CNBC to discuss the ramifications of the fiscal cliff compromise. You may access the segment by clicking here.
Posts Tagged ‘U.S. Congress’
Minority Leader McConnell (R-KY) and Sen. Grassley (R-IA) Introduce Bill Including $5 Million Estate Tax Exemption With 35% Marginal Rate, Reunification of the Estate and Gift Taxes, Portability, and Opt In Provision for 2010. For your convenience, below is a synopsis of this Washington Report. In a summary released by Sen. McConnell, the estate tax [...]
Members of Congress are back in legislative session this week after their lengthy summer recess. A plan to reinstate the estate tax has yet to take shape, but the upcoming work period will serve as a platform to begin debate over expiring tax provisions and broader tax reform, and the estate tax figures to [...]
AALU has learned that at least four attorneys in academia and private practice have written to the Treasury Department asking that a durational limit – suggested to be two generations – be placed on trusts that qualify for the generation-skipping transfer (GST) tax exemption, thus eliminating the incentive to establish so-called “perpetual dynasty trusts” in [...]
We often refer to the fact that the “Bush Tax Cuts” – principally enacted in 2001 and 2003 as the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA) – will sunset at the end of 2010 if no action is taken by [...]
Congress is in recess this week following the July 4th holiday (July 2—July 11). Prior to leaving Washington, lawmakers addressed—with limited success—many critical issues, including extensions of 2009 expiring tax provisions, extensions of emergency unemployment insurance, and financial regulatory reform. Without agreement on many of these high priority issues, there will be significant pressure on [...]