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 …
Dear Clients and Friends: This is a fourth note concerning potential tax reform. The other three can be found in the News & Resources, Hot Topics, section of our website. This note elaborates on President Biden’s American Jobs Plan, by summarizing the relevant tax reform proposals most applicable to our clients. These proposals have now …
TAX REFORM: BIDEN ADMINISTRATION TREASURY PROPOSAL Read More »
We are pleased to announce that Colby Jack Kempe, Esq. has joined the Firm Mr. Kempe joins the Firm after completion of his post doctorate studies in tax law at the nationally 3rd ranked University of Florida, Levin College of Law, Tax Law Program, where he received his LL.M., degree with honors. While there …
Dear Clients and Friends: A third in a series to clients and friends, this report explains the status of competing tax reform proposals and what appears to be a pivot by President Biden away from former Democrat senator colleagues (Bernie Sanders) . It addresses planning in light of imminent reform, and offers some prognostications- educated …
COMPETING TAX REFORM PROPOSALS (FINAL IN THE SERIES) Read More »
Dear Clients and Friends: Since our alert last week concerning the For the 99.5% Act introduced by Senator Sanders (D-Vt) and Whitehouse (D-RI) that increases the estate, gift, and generation skipping taxes, Senator Chris Van Hollen (D-Md), joined by Senators Cory Booker (D-NJ), Sanders, Whitehouse, and Elizabeth Warren (D-Mass), have introduced the Sensible Taxation and …
FURTHER ESTATE AND GIFT TAX REFORM (2ND IN THE SERIES) Read More »
