For Your Benefit

Tax and Estate Planning Today – In Light of Proposed Legislation

June 7, 2021 on ForYourBenefit, host Bob Leins, CPA® welcomes David De Jong and Steve Widdes, tax and estate attorneys with Stein Sperling Bennett De Jong Driscoll PC.

  • The Administration would extend the 2021 broadening of the child tax credit, dependent care credit and earned income credit beyond the current year.
  • Final legislation, if enacted, may look a lot different than the proposal as Republicans and some “red state” Democrats oppose large portions; many Democrats from high taxing states will oppose any bill which fails to restore the full deduction for state and local taxes.
  • The Administration is proposing an increase in ordinary income rates for those making over $400,000 per year as well as increases in capital gain and corporate tax rates.
  • The Administration would limit the like kind exchanges of real estate where there is more than $500,000 in gain.
  • The Administration would effectively limit the step-up in asset basis for larger estates upon death by taxing the built-in gain.

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