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CONGRESSIONAL WEBSITE BILL CONFUSION

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 …

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WHAT TO DO NOW?

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 …

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CLIENT ALERT – TAX REFORM

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 …

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FURTHER ESTATE AND GIFT TAX REFORM (2ND IN THE SERIES)

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 …

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