March 20, 2023 Dear Clients and Friends: Investing is a unique pursuit and one that depends on the goals of the investor. There are many investments to choose from, but no matter what they are, there are risks that should always be considered. Each investment carries its own risks and risks differ depending on the investment …
March 20, 2023 President Biden’s 2024 Budget Proposals for Tax Reform – A Debt Ceiling Showdown is in the Works – President Biden’s tax reform measures are intended to tax the wealthy and corporations to cover the cost of various Democrat Party initiatives, such as increased spending on affordable housing, funding preschool initiatives, Pell grants …
March 24, 2022 Dear Clients and Friends: Florida has recently enacted legislation in an attempt to gain the tax advantages of “community property,” which is a form of ownership between spouses common in states from Texas and further West. The tax advantage relates to securing a 100% cost basis increase in assets owned by spouses …
Dear Clients and Friends: There has been a reprieve from the impact of tax reform as a result of Senator Manchin’s “no” vote, but unfortunately it is likely short lived. The Senate is debating the Build Back Better tax and spending bill promoted by President Biden, with any changes necessitating that the Bill will be …
Dear Clients and Friends: Estate planning and tax law commentators around the country are grappling with ambiguous versions of the House bill passed on November 19. See our Alert of November 22: https://www.jckempe.com/house-bill-brings-continued-uncertainty/ . These ambiguities have been driven by incorrect versions of the bill appearing on Congressional and legislative tracking websites, such as Congress.gov …
Dear Clients and Friends: Last Friday, November 19, 2021, the House of Representatives passed H.R 5376, The Build Back Better Act (the “Act”), which was introduced into the House on September 27, 2021: https://www.govtrack.us/congress/bills/117/hr5376 Among many tax law changes, the bill reduces the estate, gift, and generation skipping tax exemptions in half- from approximately $12 …
Dear Clients and Friends: After President Biden announced his Build Back Better compromise framework on October 28, 2021 ( https://www.jckempe.com/what-to-do-now/ ), the House Rules Committee later released a revised bill (H.R. 5376) reflecting the compromise. The bill reflects a significantly pared down proposal for their budget reconciliation package. Moderate Democrats, like Senators Sinema and Manchin, …
Dear Clients and Friends: This morning President Biden announced a framework that he believes will secure unanimous Democratic approval, but details remain unknown. Democrat infighting has caused a substantial reduction in their tax and spend reconciliation proposal, which is now reduced and projected at $1.85 trillion. The extent to which this alters the House and …
Dear Clients and Friends: The House Ways and Means Committee (the “House”) recently released 881 pages of proposed legislation aimed at paying for its spending initiatives. There are many changes aimed at filling loopholes and raising taxes on the “wealthy” (those earning over $400,000 per year, as pledged). These proposals differ from versions proposed in …
Dear Clients and Friends: The Senate has passed President Joe Biden’s $550 billion infrastructure bill, which is expected to pass the House, but with conditions. The largest has to do with Congresswoman Pelosi’s condition that a $3.5 million social spending bill must be passed along with it. This condition took a major step forward today …
