President Donald Trump in May, 2017 announced the release of the Trump Tax “Plan”. The one page release was a general description of some core philosophies and discussion points. The “Plan” focuses on corporate taxes and individual income tax rates, but also calls for immediate repeal of the death tax. There is no mention of gift tax, GST, carryover basis, or otherwise.
Donald Trump and a group of Republican leaders recently announced tax strategies they believed should be considered including shrinking the current seven tax brackets to three, increasing the standard deduction and child tax credit, lowing the corporate tax rate and eliminating the estate tax and alternative minimum tax. These leaders also supporting Donald Trump’s plan to offer a one-time low tax rate on wealth accumulated overseas returned to the United State. Stay tuned for more details as tax reform is considered.