Estate Tax Blog

  Pass Through and Small Business Legislation Under President Trump or former Vice President Biden   Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over […]

Pat Soldano welcomed supporters to the call and provided an overview of the topics to be discussed: the status of the November Election, potential tax policy opportunities, and additional COVID-19 relief legislation as well as an update on the activities of Policy and Taxation Group and Family Enterprise USA. First, Frank Luntz (FILuntz, Inc) provided […]

Keene, New Hampshire-based C&S Wholesale Grocers Inc., the largest wholesale grocery supply company in the U.S., said it will provide frontline workers with a special appreciation bonus and all employees with additional paid time off (PTO), among other benefits enhancements, in the wake of challenges caused by the coronavirus (Covid-19) pandemic. “For the last several weeks, every […]

Publix Super Markets expects to complete the rollout of contactless payment to all of its more than 1,200 stores in the Southeast. Lakeland, Fla.-based Publix said yesterday the deployment provides an extra safety measure for customers and store associates amid the coronavirus (COVID-19) outbreak. Some stores already are offering the contactless payment option, and the […]

During an Internal Revenue Service monthly payroll teleconference today, Kelly Morrison-Lee, an agency attorney, confirmed that the payroll tax deferral is optional at the discretion of the employer. This confirms that employers, not employees, have the choice of whether or not to implement the tax deferral. Therefore, an employer is not obligated to implement the […]

The Bechtel Group Foundation will donate $3 million to communities across the world coping with the coronavirus pandemic, in partnership with the crowdfunding nonprofit GlobalGiving. The newly established Bechtel COVID-19 Relief Fund will support local nonprofit organizations that provide vital services to people in areas where Bechtel Corporation maintains offices and project sites. “This gift is the largest disaster […]

Tyson Foods is launching weekly on-site coronavirus testing for employees at all 140 of its U.S. production facilities, making it one of the first major American employers to commit to such regular and expansive testing of its workforce. The food conglomerate behind Tyson, Jimmy Dean and Hillshire Farm has grappled with outbreaks of the novel […]

Policy and Taxation Group is your voice in Washington on economic freedom. We advocate for policies that allow American families to fully enjoy the economic liberties and benefits of a robust free market unique to our nation. For over 25 years, we have been the loudest voice in the nation’s capital on eliminating the death […]

As General Motors and other companies push to make ventilators to help COVID-19 patients streaming into U.S. hospitals, the Lee Company of Westbrook, Conn., has adjusted its systems to join the effort. The family company, founded in 1948, makes miniature hydraulic components for a variety of industries, including automotive, medical and aerospace. The automotive side […]

It’s a good time to be in the e-commerce business – but not exactly an easy time. “We didn’t think a global pandemic would be good for e-commerce, but it’s been fantastic for our business,” said Eric Weisser, senior vice president and majority owner of Weisser Distributing. From its warehouses in Tea, Sioux Falls and […]

Symptomatic employees in Michigan, Kentucky, Missouri and Illinois will be tested at area healthcare facilities in order to get results within 24 hours. Ford announced on May 16 that it had signed contracts with health systems in four metro areas with major company facilities to quickly test hourly and salaried employees with suspected symptoms of […]

In the midst of the COVID-19 surge in the United States, help has been needed across many fronts as the nation deals with an unprecedented pandemic. This year’s NASCAR Salutes Refreshed by Coca-Cola program is more than just a military appreciation platform – it’s a campaign that salutes all that have gone above and beyond […]

On Saturday, Aug. 8, 2020, President Donald Trump signed four executive orders (EO) to defer payroll taxes, set up an assistance program for lost wages to supplement unemployment benefits, extend the federal moratorium on evictions and defer student loan payments. Brownstein’s National Tax Policy team prepared an analysis focused on the two tax-related EOs on […]

Newsagents, and supermarkets, convenience stores, and petrol station staff are among the front-line worker’s News Corp thanks in its latest print campaign. The ‘Thank You’ campaign launches today across the company’s regional and metro newspapers and will run for a week in recognition of the workers ensuring newspaper customers have had “access to crucial coverage […]

Walmart CEO Doug McMillon said Tuesday that the company is considering implementing employee testing for the novel coronavirus. Walmart’s testing approach could include diagnostic tests to confirm COVID-19 infections in employees, as well as antibody testing to determine whether employees had ever contracted the illness. “We’re pursuing strategies in testing associates for the virus, including […]

Lex Saturno Fourth Generation Mckee Foods; McKee Foods (makers of Little Debbie, Drakes and Sunbelt Bakery) and David Plimpton, Chairman, CEO and President of Inolex, joins the Board of Directors of Family Enterprise USA “Our Board of Directors is comprised of a dedicated team of experienced multigenerational family business owners who provide the strategy and […]

The July 27, 2020, Senate draft of the Health, Economic Assistance, Liability Protection and Schools (“HEALS”) Act provides a tax credit for employers who incur certain expenses in response to COVID-19. Referred to as the Safe and Healthy Workplace Tax Credit (“SHWTC”), the credit is available to employers who incur qualified employee protection expenses, qualified […]

On Monday, July 27, Senate Majority Leader Mitch McConnell (R-KY) released the Health, Economic Assistance, Liability and Schools (HEALS) Act—a $1 trillion stimulus package in response to the ongoing effects of the COVID-19 pandemic. In addition to our initial analysis of the HEALS Act, the Brownstein Tax Policy Team has compared the tax, education, labor […]

The 2020 Family Business Report was presented to BNY Mellon Wealth Management’s National Private Business Advisory practice group, which consists of over 100 advisors across the organization who specialize in advising private business owners and their advisors through all stages of the business cycle and help develop comprehensive solutions for the private business owner’s personal […]

A recent survey, the 2020 Family Enterprise USA Family Business Survey of family businesses (conducted between late and January and mid-April of this year), found that they’re remaining somewhat optimistic about their future despite an unprecedented first quarter due to the COVID-19 pandemic. Anna Sulkin WealthManagement It’s important to keep in mind that some of […]

Inspiration had struck, and Melissa Johnson was going with it. “As I’ve grown older, I can’t say I’ve necessarily grown wiser. I know there is a whole lot I don’t know,” she wrote in a Facebook post one recent Friday. “The only thing I know for sure is that an act of kindness, no matter […]

As soon as people nationwide began staying home to prevent the spread of COVID-19, they began watching movies. And then, they started popping popcorn. That has been a bright spot amid the pandemic for JOLLY TIME Pop Corn, a century-old family business based in Sioux City. “It’s been unbelievable,” said Garrett Smith, president of American […]

June 5, 2020 – President Trump visited Guilford, Maine today, and toured the Puritan Medical Products headquarters. During his remarks, the President championed his Administration’s use of the Defense Production Act to bolster American manufacturing capabilities and create more American-made medical testing supplies in response to COVID-19. Puritan is one of the world’s two largest […]

With nearly three decades of financial advising behind her, Mary J. Howard knows a lot about helping others navigate uncertainty and plan for the future. Her daughter, Megan, is now learning the same alongside her as their team has been working closely with clients to help them position themselves for success during and after the […]

Family Enterprise USA’s 2020 survey sheds light on factors that family business owners see as obstacles to growth. Legislators must know what is important to family business owners — what helps or hurts them when it comes to operating their businesses and creating more jobs. Laws affecting family businesses may be passed at any time. […]

Hawaii Taxes could rise on high-end real estate on the island of Hawaii Illinois The top Republicans in the Illinois legislature are pushing for a vote that would remove from the November ballot a measure that would allow for a progressive income tax. Democrat Governor J.B. Pritzker has been pushing to amend the state constitution to allow for a […]

The Senate has left for their Memorial Day district work period. When the upper chamber returns on June 1, it’s likely to focus on clearing pending presidential nominations as House Democrats and Senate Republicans remain far apart on the next round of COVID-19 relief legislation. While Senate Majority Leader Mitch McConnell (R-KY) has emphasized the need […]

While the world is slowly starting to open up and move toward “normal,” it seems as if DC has already gotten there – politically at least. After passing four stimulus bills on a pretty bi-partisan basis – and racking up almost $3 trillion in spending – political divisions are beginning to show. What had typically […]

The overwhelming news from the states is the financial impact COVID-19 is having on their bottom line…and precisely one article on why they shouldn’t be given or take a bailout from the feds! States should say ‘no thanks’ to a federal bailout “The Virus Is Vaporizing Tax Revenues, Putting States in a Bind,” “States provide […]

If you’re a regular reader of these updates, this week’s will seem like Deja vu. Congress moved quickly to pass a costly aid package without regard to how it would be paid for, which the President signed immediately. The $484 billion relief package was initially supposed to be $250 billion for topping off the small […]

There’s one word I typically avoid and usually cringe when it’s used: unprecedented. Its inclusion is for dramatic effect, of course. And while it can technically be used to connote an event or item that is unique, atypical, or abnormal, for me, it really should be reserved to truly point out something that has never […]

“Cities and states brace for economic ‘reckoning,’ eyeing major cuts and fearing federal coronavirus aid isn’t enough,” by WaPo’s Tony Room: Many states and cities, which were already cash-strapped, are now in dire straits, facing plunging tax revenue and spiking costs. … “The result could be massive budget cuts along with layoffs or furloughs of […]

Donald Trump President Trump on Friday renewed his calls for a broad payroll tax cut as part of a “phase four” coronavirus relief package to ease the economic pain caused by the pandemic. Joe Biden According to the latest delegate count, former VP Joe Biden is leading with 1,217 delegates to Senator Bernie Sanders’s 914. […]

The ink was barely dry from signing the third and largest stimulus package in the history of our Country, and there was already talk of a fourth bill. The first three stimulus bills were mainly focused on addressing increased spending for the government, states, and hospitals to battle COVID-19, and a large portion directed to […]

States brace for massive budget gaps in coronavirus recession State governments have spent a decade stockpiling billions of dollars in reserve funds for the next economic downturn, scarred by the steep cuts they were forced to make in the midst of the last recession. Now, with the coronavirus grinding the global economy to a virtual […]

Former Vice President Joe Biden built on his commanding lead for the 2020 Democratic presidential nomination overwhelmingly beating Senator Bernie Sanders (I-VT) in the Arizona, Florida, and Illinois primaries. With 1,991 delegates needed to clinch the nomination, Vice President Biden currently leads with 1,217, followed by Sen. Sanders who sits at 914. Joe Biden “Biden […]

Congress has approved a 2 trillion dollar emergency relief bill, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and sent it to the White House, where it is expected to be promptly signed by President Trump. The bill includes hundreds of billions of dollars in federal help for corporations, more than $350 billion for […]

Representative Peter DeFazio (D-OR) wants to double spending on the IRS, which he believes would help collections and service soar. His new legislation would give the IRS an extra $11.8 billion annually for the next decade on top of existing funding, which amounts to $11.5 billion in the current fiscal year. The Trump administration has […]

In this unprecedented and unsettling time, we wanted to continue to be a resource to you on tax implications that might impact you and your business. In that regard, there has been tremendous activity accomplished at lightning speed for Congress. The Senate passed the House’s coronavirus relief bill, which expands access to free testing, provides […]

One of the things that sets PATG apart from other groups is how active we are in DC. While some groups might send letters or make the occasional visit, we are constantly on Capitol Hill. You’d be hard-pressed not to find a few of us walking the halls on any given day. Take This Survey […]

Illinois Illinois governor floats graduated state income tax that would replace flat tax. Massachusetts IT’S A MINIMUM TAX: Massachusetts lawmakers are seeking to update the state’s corporate tax structure to funnel more money toward transportation, as MassLive reported. Perhaps not surprisingly, the state’s business community is cool to that idea, but top Democrats say it’s […]

Joe Biden Biden put out a housing plan on Monday that would cost $640 billion over a decade, with the centerpiece being a $15,000 tax credit for first-time home buyers. Campaign officials said the credit was meant to help increase wealth for minorities, and would be paid for with higher taxes on corporations and big […]

Michael Bloomberg Bloomberg released his tax plan over the weekend, and it would introduce a number of tax increases that would likely result in the candidate himself paying higher taxes. Below, we’ll go through the key parts of the new Bloomberg tax plan. The plan includes a 5 percent surtax on anyone’s income over $5 […]

Full repeal legislation in both the House and Senate gained more support this week.   In the Senate, newly appointed Georgia Senator Kelly Loeffler (R-GA) came on board S 215 to bring the total number of supporters to 36. On the House side, Representatives Mike Johnson (R-LA) and Ross Spano (R-FL) added their names to […]

Does it already seem like the nomination race for the Democrats has been going on forever?   While actual contests are finally underway, it may not be over anytime soon and it seems more likely we won’t know until the Democratic Convention in late July. Typically the first two contests in the primary battle have […]

The 2020 Family Enterprise USA Family Businesses survey is here. To access the short, online survey, CLICK HERE. Family Enterprise USA is a 501 (c)(3) organization dedicated to educating lawmakers and growing public support for family businesses across America. Each year, Family Enterprise USA surveys family business owners across the country to learn about their […]

Idaho: State Rep. Jason Monks is proposing to kill off property taxes with a 5-percentage point increase in the sales tax — a move that would take the statewide rate all the way up to around 11 percent. “I call it a thought grenade; we threw it out there and wanted to see how it […]

Step-up in basis has come under assault recently as part of the “war on the wealthy” and not just from the folks you think. Yes President Barack Obama and his former Vice President Joe Biden both thought the step-up should be eliminated, but did you think multi-millionaire GOP nominee (and current US Senator) Mitt Romney […]

As we highlighted in our last newsletter, there was significant concern that the estate tax might get reinstated in Virginia. The recent Democratic takeover of the legislature paired with them occupying the governor’s mansion led to a flurry of proposals that mimicked the national battles playing out on “wealth inequality.” To address the wealth gap […]

“Iowa Picks Corn, New Hampshire Picks Presidents” With the Iowa caucuses about to officially start the nominating process for the Democrats on Monday and the New Hampshire primary right on its heels, many will wonder what the results mean for determining the eventual nominee. For Republicans, the old adage that “Iowa picks corn, New Hampshire […]

States aren’t having to rely on income tax increases, with other revenue options around. States have more revenue to spend in 2020, and that’s not because they’re raising income taxes. In fact, six states—including New York, Utah and Georgia—are slashing individual income rates, corporate income rates or both this year, according to Bloomberg Tax data. […]

Michael Bloomberg Bloomberg is rich, aloof and imperious — is this really what Dems want for president? The curious campaign of Michael Bloomberg raises a question: Can a billionaire buy the Democratic nomination? In his late bid for the nomination that skips the first four contests, which historically launch the nominee, Bloomberg has placed a […]

FOR IMMEDIATE RELEASE CONTACT:Michael Zarrelli, [email protected] Hills, CA January 13, 2020 The Policy and Taxation Group (PATG) applauds Representative Jodey Arrington (R-TX) for introducing legislation today that would reduce the estate tax rate from forty percent – the single highest tax in the US Code – to that of capital gains at twenty percent. “It’s […]

Today Representative Jodey Arrington (R-TX) introduced the Estate Tax Rate Reduction Act of 2020 (HR 5652) in the House of Representatives, the identical companion bill for the Rate Reduction Act legislation pending in the Senate (S. 176)! The legislation would tie the estate tax rate to the capital gains tax rate, effectively halving the rate […]

You don’t need a crystal ball or fortune teller to understand that the federal budget system is broken and setting us up for failure. The Congressional Budget Office (CBO) estimated that the most recent 2019 budget accord, which set the table for the December spending pacts, would boost the debt by $1.7 trillion over the […]

Michael Bennet Bennet has introduced his economic plan which he calls his “Real Deal” as a contrast to what he clearly sees as the pie-in-the-sky type of plans from those candidates to his left, and a way to avoid a quagmire over Medicare for All. The plan includes a more sweeping Child Tax Credit, and […]

WEEKLY UPDATE This might sound strange, but I’ve always been fascinated by tax policy. Besides the need for general operating money, the tax code serves as a mechanism to encourage or discourage individual and corporate behavior. So it’s no surprise that two of the democratic presidential aspirants are reaching beyond taxing wealth but now promoting […]

Pat Soldano will be speaking at IvyFON on September 17, 2019 in Newport Beach, CA; see link for location and agenda;   http://ivyfon.com/sep17forum/agenda.htmlTopic: Family Businesses; Voters Concerns; Legislative SolutionsPolicy and Taxation Group/ Family Enterprise USA. Family Businesses employee 62% of all workers in the US and generate 64% of GDP, yet they face challenges from Congress each day. The voter […]

Whether we call it the war on success, or the successful or the war on Capitalism what we’re seeing is a change of perception – all due to the media machine, effective political attacks and corporate abuse. What follows is a 3 part series where we will be giving you critical insights into what our […]

Pat Soldano is speaking at the FON – Family Office Network on 5/14 on; Tax Policy – What Now? Everyone who has a stake in the game, (paying taxes) should come, listen and learn from an expert on taxation, taxation legislation and specifically the estate tax.

Throughout the years, there have been many proposed solutions to the estate tax; from increasing it to eliminating it. In this article, Professor Samuel D. Brunson advocates for the elimination of the estate tax and proposes to replace it with an inheritance tax. He acknowledges that while the tax was meant to raise revenues for […]

Unlike most outspoken Hollywood stars, business moguls and the incredibly wealthy Oprah Winfey has a different take on taxes, especially that of the Death Tax. Interestingly enough here, is Oprah Winfrey talking about tax reform, her specific issues with how the wealthy are taxes as well as specific issues she has with the Estate Tax. […]

A MESSAGE FROM OUR FOUNDER – Pat Soldano   I am contacting you to request your help in reaching business-owning families and asking them to complete the 2019 Family Enterprise USA survey. To access the short, online survey, the link –> https://familyoffice.qualtrics.com/jfe/form/SV_eJyu0ion4R3092l?source=ptg   I am asking you to share this survey with families that you believe may […]

I’ll say it again, our Work is NOT Complete – The Estate Tax has NOT been repealed. What we saw and heard in President Trump’s State of the Union, in reference to the Death Tax is the core of the challenge we face in solving this problem. Members in Congress and the Senate are not […]

Supporters, On 1/8/19 Representative Jason Smith of Missouri introduced HR 218; Death Tax Repeal Act of the 116th Congress with 37 original co-sponsors including Representative Sanford Bishop (D) (GA).  Please note that it does NOT repeal the gift tax, and it leaves in place step up in basis, which will make the repeal very costly […]

Emmanuel Saez and Gabriel Zucman, two left-leaning economists at the University of California, Berkeley, have been advising Elizabeth Warren on a proposal to levy a 2 percent wealth tax on Americans with assets above $50 million, as well as a 3 percent wealth tax on those who have more than $1 billion.  This is another shot […]

Senator John Thune introduced S.215 with 28 Cosponsors; a bill that will repeal the estate and GST tax but NOT the Gift tax and will maintain step up in basis; so, the same bill language he has introduced before. While we continue to remind legislators that the gift tax must also be repealed, they tend […]

Washington, D.C.-Senator Tom Cotton (R-Arkansas) along with Senators John Boozman (R-Arkansas), and Roy Blunt (R-Missouri) today introduced the Estate Tax Rate Reduction Act. This would reduce the estate tax to 20 percent, the same as the current capital gains tax rate. “Families shouldn’t have to sell major portions of their businesses or farms after the […]

Yesterday, Representative Jason Smith of Missouri introduced HR 218; Death Tax Repeal bill of the 116th Congress with 37 original co-sponsors including Representative Sanford Bishop (D) (GA);  We are pleased to have this bill introduced in order to repeal the death tax.  Please note that it does NOT repeal the gift tax. This leaves in […]

An update on S. 3638, Senator Kyl’s (R-AZ) estate tax rate reduction bill introduced on our behalf last month

“It’s just wrong. The death/estate tax is wrong for one simple reason: death shouldn’t be a taxable offense or action. The very idea of making people struggle to file a tax form at the time of death is immoral and unethical.”  This is the best anti-death tax argument. The best anti-death tax argument.

Seeking to “start the conversation”, Senator Kyl proposed cutting the estate tax rate in half, from 40 percent to that of capital gains. It’s a return to a favorite subject for Kyl, who tried repeatedly in his initial 18 years in the Senate to reduce the tax, derisively known as the “death tax” among its largely […]

Dear Supporters and Friends, We urge you to reach out to your Senator and ask that they sign onto Bill S-3638. If you do not have the direct number, you can reach US senators by calling 202-224-3121. Ask the operator to connect you to the individual office.  We implore you to work with us to […]

Below is a summary of the PATG-FEUSA Supporters and Members Meeting held on September 27, 2018.

Below is the link to a summary of details on Tax Reform 2.0 legislation issued by the Ways and Means Committee. Please note this includes making permanent the doubling of the lifetime exemption. Chairman Brady hopes to have a vote in the House at the end of September. GOP Releases Phase 2 Retirement Details “Tax […]

Excellent news as our good friend and supporter, Senator Kyl will be back in the Senate. From AZ Central Jon Kyl, once one of the most powerful Republicans in the U.S. Senate, will return to Capitol Hill to succeed the late Sen. John McCain, The Arizona Republic has learned. Gov. Doug Ducey is scheduled to […]

House tax writers will meet to consider legislation. This makes permanent, expiring individual and business tax provisions in the 2017 tax law during the week of September 10. House Ways and Means Committee Chair Kevin Brady, R-Texas, said he wants the legislation ready for floor action if House GOP leaders decide to bring it up […]

The US Department of the Treasury and the IRS have released Proposed Regulations on Internal Revenue Code Section 199A, the 20% pass-through deduction designed to provide tax relief to pass-through businesses and proprietorships. The Proposed Regulations provide greater clarity on many important issues, including the ability to aggregate multiple trades and businesses to increase the […]

Wednesday, September 26, 2018 6:00pm Supporters and Members Dinner Acqua Al 2 212 7th Street SE Washington DC Thursday, September 27, 2018 10:00am-2:00pm Supporters and Members Meeting 20 F Street NW Conference Center; Washington, DC Speakers Frank Luntz Congressman Warren Davidson, (R) (OH) David Stewart, Principal, Squire Patton Boggs/ Former Staff Director, House Ways and […]

Chairman Brady intends to have the House address the 2018 Tax Bill 2.0 when they return from August recess; note that it will include making the estate tax life exemption doubling permanent. Click here for a brief recap of the legislation. Many meetings last week in DC to seek sponsors on rate reduction legislation with […]

New Survey of Family Businesses Reveals Commitments, Challenges, & Concerns Ahead Family business are key drivers of economic development, but taxes and regulations hinder growth Two-thirds of participating business owners employed more than 50 employees in 2017; most (74%) expect to add up to 50 net new jobs in the next 5 years. Survey participants […]

Congressman Devin Nunes (CA-22) has introduced a bill in the House of Representatives to eliminate capital gains taxes on inflation. By ending this unfair tax, the Capital Gains Inflation Relief Act (H.R 6444) will encourage both individual and business investment that will expand the economy and create jobs. “This bill will continue the tax-cutting trend […]

Policy and Taxation Group Supporters Meeting When Thursday, September 27, 2018 from 10:00 AM to 2:00 PM EDT Where Washington D.C. TBD Would you like updates on our estate tax activities, discuss the status of estate tax repeal, the politics of repeal, and estate tax changes? Please contact us to be included on future scheduled […]

Before leaving for last week’s Fourth of July Recess, Ways and Means Committee Member Rep. Kenny Marchant (R-TX) introduced H.R. 6228, which would permanently increase the estate and gift tax exemption from $5 million to $10 million. As we have previously reported, House Republican tax-writers are in the process of putting together a second round […]

My personal view, for what is might be worth, is that lowering the corporate tax rate from the current 35% to 20% is too big a cut and unnecessary to serve the purpose intended. Certainly, a cut is needed, but just as certainly a reduction to 25% would provide the stimulant desired. Such a change […]

June 13, 2018 My father started an aerospace component manufacturing business March 31, 1961 in Maywood, California. He started it by himself investing $7,500 dollars in the business. He hired one person. He struggled for 10 years before he finally made a profit. His gross sales that 10th year were $1m. Forty-two years later both […]

As a family owned business for 97 years now, White Castle has learned a lot about what it takes to create an enterprise that’s sustainable and capable of nourishing our team members, and the communities where we live, work and raise our families. Along the way, not only do we get to serve up the […]

A family operating 100 hardware stores in the Midwest had to sell the business to a private equity firm in the 3rd generation of the family businesses. The family had already endured 2 generations of paying the estate tax and realized they could not survive another. After the sale, the business was no longer a […]

House Ways and Means Committee Chairman Kevin Brady (R-Texas) said that tax-cut legislation he hopes to unveil in August will include a package of bills, the centerpiece of which will be a proposal to make some individual and business tax cuts permanent. “I don’t see it as one bill. I see it as a package […]

Chairman Kevin Brady has indicated that he would like the House to vote in July, on making all individual tax cuts permanent, which were included in last year’s tax bill. This would include the doubling of the lifetime exemption for gift, estate and generation-skipping taxes. Additionally, PATG is working with House and Senate members to […]

Revised July 9, 2018 PATG State Death Tax Chart – July 9, 2018 This chart is maintained for the Policy and Taxation Group Website and is updated regularly.  Any comments on the chart or new developments that should be reflected on the chart may be sent to [email protected]

Politico: MARK YOUR CALENDARS: Might there be another tax vote in Congress around the time fall rolls in? House Ways and Means Chairman Kevin Brady said on Tuesday that he hopes the GOP can have a new tax bill introduced by the time Congress leaves for its August recess that could then be passed out […]

TAX POLICY: THE POLITICS OF IT ALL Last year was a historic year for tax reform with the “Tax Cuts and Jobs Act of 2017”. Families and their businesses were helped and hurt at the same time. Over the years, tax law has changed many times due to various factors; wars, economic expansion, recession, revenue […]

I wanted to share the below that was published by Tax Notes on Friday, May 25th, 2018. The White House is working with House and Senate tax writers to draft a second phase of tax cuts, with the goal of unveiling a legislative package before the summer is out, a top White House official said. […]

Photos from a recent visit to The Hill by Policy And Taxation Group to talk about the estate tax and the impact on family businesses.    

The Honorable Adrian Smith U.S. Congressman, Third District of Nebraska Chairman, House Ways and Means Human Resources Subcommittee 1102 Longworth House Office Building Washington, DC 20515 Dear Chairman Smith, I write to you on behalf of the Policy and Taxation Group, which is an organization comprised of family-held businesses from throughout the country that are […]

Family Businesses in the United States Giving by Families; 2017 Individuals comprised 72% of giving; Corporation’s comprise 5% of giving (2) IRS Statistics of Income (SOI) data indicates that from 2003 to 2013 itemized contributions grew 40% for households with income of $100,000 or more, with the greatest increase of 104% in households with incomes […]

Policy & Taxation Group invites you to attend a reception and discussion hosted by Don and Greg Root. Last year was a historic year for tax reform with the “Tax Cuts and Jobs Act of 2017”. Families and their businesses were simultaneously helped and hurt. Over the years, tax law has changed many times due […]

As you know, with Rep. Kristi Noem (R-SD) running for Governor of South Dakota, we need a new champion for our issue in the House. To that end, House Ways and Means Committee Chairman Kevin Brady (R-TX) has tapped Rep. Jason Smith (R-MO) to continue leading the fight for repeal. With the Chairman’s blessing, Rep. […]

Update and Extend Earlier Estimates of Proposals to Modify The Estate, Gift and Generation Skipping Transfer Taxes In this memorandum we update and extend our earlier estimates of three (3) proposals to modify the existing estate, gift and generation skipping transfer tax (GST). These updated estimates will take into account the recent changes to the […]

By Anna Edgerton; Bloomberg BNA The House will hold a vote this year to make individual tax cuts permanent, according to House Speaker Paul Ryan, even though the effort is unlikely to become law during this Congress. The speaker’s comments signal the GOP is plowing ahead with a plan for a so-called phase two of […]

Since it is possible that additional estate tax “relief” may be possible this year, and unlikely that we’ll see total “repeal”, PATG has drafted “Rate Reduction legislation” and are working with champions in the House and the Senate to get it introduced. Would you like updates on our activities, and discuss the status of estate […]

Since it is possible that additional estate tax “relief” may be possible this year, and unlikely that we’ll see total “repeal”, PATG has drafted “Rate Reduction legislation” and are working with champions in the House and the Senate to get it introduced. You can see the talking points below. It makes sense to have the […]

Tax cuts, Round 2: GOP looks to punish Democrats in 2018 POLITICO Magazine By BURGESS EVERETT and RACHAEL BADE – 03/27/2018 06:08 PM EDT “It’s the tax pony, and that’s the only horse they have to ride,” says one top Democrat. Read the full story Thank you for your continued support. Pat

Just in case you missed it; In the House Ways and Means Subcommittee Tax Policy Subcommittee Hearing last week, Chairman Brady acknowledged that Republicans are working on a second round of tax cuts to be unveiled later this year. Though the Chairman did not indicate exactly when tax-writers would attempt to move such legislation, tax-writing […]

Revised March 18, 2018 PATG State Death Tax Chart – March 18, 2018 This chart is maintained for the Policy and Taxation Group Website and is updated regularly.  Any comments on the chart or new developments that should be reflected on the chart may be sent to [email protected]

Policy and Taxation Group submitted this letter for Ways and Means Tax Policy Subcommittee Hearing held on Wednesday 3/14. The Honorable Vern Buchanan U.S. Congressman, Sixteenth District of Florida Chairman, House Ways and Means Tax Policy Subcommittee 1102 Longworth House Office Building Washington, DC 20515 Dear Chairman Buchanan, I write to you on behalf of […]

To prepare for the opportunities in the year ahead, we have already begun engaging with lawmakers and identifying our champions – including Rep. Mike Kelly (R-PA), who we would like to see take the issue from Rep. Krisi Noem (R-ND) when she leaves Congress at the end of the year, and Senator Rob Portman (R-OH), […]

By Toby Eckert Senate Democrats unveiled on Wednesday a $1 trillion infrastructure plan that would be funded by repealing numerous tax cuts Republicans pushed through Congress last year. The plan would return the top individual tax rate to 39.6 percent, set the corporate tax rate at 25 percent, go back to 2017 law for the […]

If you happen to be in the Orange County, CA area and would like to hear my presentation as described below; please let me know, we would love to have you join us. Open To Supporters Only The Presentation and Lunch will be on: Tuesday, 4/3/18 at 11:30am to 1:00pm Island Hotel Yorba Room 690 […]

By Allyson Versprille and Jorge Uquillas Estate tax repeal efforts aren’t dead, but tax law changes will make it harder for proponents to make headway anytime soon. “Getting enough Democrats to vote for repeal in the near term I think is going to be a pretty heavy lift,” Sen. John Thune (R-S.D.), a member of […]

Wishing you all the very happiest of New Years, with the hope that the surprises that lie ahead in 2018 are only of the most positive kind. This is perhaps an appropriate, albeit bittersweet, segue way to where our Tax Bill effort ended up in 2017. Bittersweet because while we achieved a doubling of the […]

Highlights of recently enacted Tax Reform Bill (HR1 “Tax Cuts and Jobs Act of 2017”) Individuals Double the estate, GST and gift tax exemption ($5.6 million to $11.2 million, indexed for inflation) for estates of decedents dying and gifts made after December 31, 2017, and before January 1, 2026. Retains seven individual income tax brackets, […]

Earlier today President Trump signed the just-passed tax reform legislation into law. Though there had been discussion that the President would wait until January to sign the legislation, last night Congress passed a government funding bill that includes a waiver of mandatory spending cuts under “pay as you go” budget requirements – a waiver that […]

The U.S. House again passes sweeping rewrite of the tax code with a vote of 224-201 of voting in favor and on HR1; Tax Cuts and Jobs Act. 16 Republicans voting against or not voting, and all Democrats opposing or not voting. The House voted again, after the Senate approved an identical measure early Wednesday […]

On Friday, December 15, 2017, the Conference Committee for the Tax Cuts and Jobs Act released and approved its conference report reconciling the differences between the House and Senate tax reform proposals. Of particular relevance, the agreement doubles the estate and gift tax exemption ($5 million to $10 million, indexed for inflation) for estates of […]

BY HARRY ALFORD, OPINION CONTRIBUTOR – THE HILL – 12/08/17 12:00 PM EST ( THE VIEWS EXPRESSED BY CONTRIBUTORS ARE THEIR OWN AND NOT THE VIEW OF THE HILL) The estate tax creates an unfair situation for black-owned businesses, which have primarily started to accumulate wealth within the last 60 years. Many black-owned family businesses […]

Members Contact Info Below This will be a very important week, the Conference Committee meets Wednesday 12/13. I will be in DC, meeting with those members who we think can help get the most immediate and permanent estate tax relief for families that is possible. Please find below the list of Conference Committee members with […]

Both Republicans and Democrats Senate Republicans Finance Committee Chairman Orrin Hatch (R-UT) 202 224 5251; hatch.senate.gov Senator John Cornyn (R-TX) 202 224 2934; cornyn.senate.gov Senator John Thune (R-SD) 202 2242321; thune.senate.gov Senator Rob Portman (R-OH) 202 224 3353; portman.senate.gov Senator Tim Scott (R-SC) 202 224 6121; scott.senate.gov Senator Pat Toomey (R-PA) 202 224 4254; toomey.senate.gov Budget Committee Chairman Mike Enzi (R-WY) 202 224 3424; enzi.senate.gov Energy and Natural Resources Committee Chairman Lisa Murkowski (R-AK) 202 2246665; murkowski.senate.gov Senate Democrats Finance Committee Ranking Member Ron […]

Earlier this morning, the Senate voted 51-49 to pass its version of the Tax Cuts and Jobs Act, with Sen. Bob Corker (R-TN) being the lone Republican to vote against the bill (along with the all 48 Democrats. Though it does not include repeal of the Death Tax, it doubles the personal exemption amount from […]

Frank Luntz and Luntz Global Partners November 15, 2017 Priorities are crystallizing. As the first year of President Trump’s administration nears its end, Congress has turned its attention away from the health care, regulatory, and judicial appointment battles of the summer to focus their efforts on the first major tax reform bill in over 30 […]

Braving Backlash, Patricia Soldano Of Anaheim Hills Is The Invisible Leader In Killing Estate Tax By DAVID WHITING | [email protected] | Orange County Register PUBLISHED: November 10, 2017 at 4:44 pm UPDATED: November 13, 2017 at 4:02 pm Patricia Soldano is whip-smart, a bulldog and for 22 years has been the leading champion for killing […]

Fourth and Final Report: House Ways and Means Committee Markup of H.R. 1, Tax Cuts and Jobs Act As we await the release of the Senate’s “conceptual draft,” we wanted to report on progress in the House. Following a four day markup, the Ways and Means Committee favorably reported the Tax Cuts and Jobs Act […]

House Ways and Means Committee Votes to Phase Out the Death Tax by 2024; Senate Finance Committee Proposes to Double the Exclusion Yesterday, the House Ways and Means Committee voted along party lines to pass their tax reform bill which repeals the Death Tax in 2024 (not 2023 as originally proposed). The bill also provides […]

Quantria Strategies; Final report September 2017 Revenue Analysis of Options to Reform the Federal Estate, Gift and Generation Skipping Transfer Taxes Executive Summary Our federal transfer tax system has three related components: the estate tax, a gift tax and a generation-skipping transfer tax (GST). For much of its history, wealth transfer taxes were enacted to […]

House Said to Release Tax Bill Text Next Week By Laura Davison The House Ways and Means Committee is scheduled to release a tax bill the week of Oct. 30, according to two tax lobbyists who spoke with House GOP aides. The bill is slated to be marked up by the committee the week of […]

Earlier today, the White House, House Ways and Means Committee, and Senate Finance Committee released their highly-anticipated “unified framework” for tax reform, which calls for elimination of the death tax and its principal components. While the framework is lacking in significant detail and it is clear that much work remains to be done, this represents […]

By Brandon Roman of Squire Patton Boggs Law Firm Last week, the Policy and Taxation Group held its annual Supporters Dinner and Meeting, during which we had the opportunity to hear from Members of Congress, congressional staff l, and industry experts about tax reform – particularly as relates to repeal of the death tax. To […]

Revenue Analysis Of Options To Reform The Estate Tax, Gift tax And Generation Skipping Transfer Tax Our federal transfer tax system has three related components: The estate tax, a gift tax and a generation-skipping transfer tax. For much of its history, wealth transfer taxes were enacted to finance Wars. They were never meant to be […]

In 2005, Elizabeth Marshall Maybee inherited a 3000-acre Northern California ranch from her grandmother that had been in the family since the 1880s. However, “the Marshall Ranch, which survived the Great Depression and survived a case of eminent domain for the building of a water treatment plant, according to Maybee, faces its biggest hurdle yet. The […]

Tom Crowder’s grandfather had a passion for the outdoors and sustainability. This was reflected in the 6,000 acres of pines, bottomland hardwoods, and wildlife occupying his forest in south central Arkansas. However, counter-intuitively, his grandfather took such good care of his forest land that the Crowder family was penalized for it. Upon Mr. Crowder’s grandmother’s […]

Seventh-generation cattleman Bob McKnight has faced the death tax on multiple occasions, with effects that have been exacerbated by dramatic wildfires and drought. For many farm owners, this has meant the liquidation of cattle herds or entire operations. For Mr. McKnight specifically, this combination of death tax and cost of natural disasters forced him to […]

The Page Family began farming in the 1880s, when Jeff Page’s great-grandfather purchased 50 acres of land in Napa Valley to grow orchard fruit and raise cattle, sheep, and turkeys. As a firm believer in land investment, Mr. Page’s great-grandfather expanded to other areas in Napa Valley. While this mindset worked for the first two […]

Just outside Nashville, Brandon Whitt operates Batey Farms with his wife, Katherine, and father-in-law, who owns the property. Established in 1807 from a Revolutionary War land grant for military service, this seventh-generation family business provides over 65,000 customers each year with fresh fruits, vegetables, and pork. Simultaneously, the Whitts farm 1,800 acres of row crops […]

When Tom and Leslyn Jacobs first got married, buying land was simply a dream. Indeed, they were both young foresters saddled with college loans and old vehicles. However, in 1984, their dream became a reality when they received a $40,000 loan to buy 80 acres of land. Since this first purchase, they have lived frugally, […]

In 1973, Karen Madonia’s father purchased Illco, a Chicago-based distributor of parts and supplies for heating, ventilation, air conditioning, and refrigeration equipment. Although the company now has 97 employees in 3 different states and generates $42 million in revenue, Illco was very small when acquired. Consequently, it was Mr. Madonia’s hard work, time, and investment […]

The federal unified transfer tax on estates, gifts, and generation-skipping transfers may appear to be attacks born solely by the wealthiest Americans. This view, however, is as misleading as the notion that the sun rises in the East and sets in the west. The transfer tax burden everyone, not just the very healthy period in […]

Support for the estate tax is based on three major claims. One, inheritance is are a major source of wealth and equity. Two, the tax provide significant revenue for the federal government. Three, the individuals required to pay the tax can easily afford it. These are, however, all myths. Not only the rich, but the […]

The Federal gift and estate tax has come to be known as the death tax. There are several proposals to reform or repeal the tax pending before the current Congress, and at least some death tax changes are expected soon. Supporters of the tax continue to maintain, however, that the tax is necessary for the […]

Despite President Obama’s best efforts, the death tax remains a lightning rod in tax policy. Even the New York Times has reported that the death tax threatens Obama’s ambitions. The death tax destroys roughly $847 billion in capital, the funds used to create economic growth and jobs. Read the full Let The Death Tax Rest […]

Our job today, Define family business, provide the best available statistics on family businesses, judge the quality of each satistics, and suggest prospects for future research. Read the full Family Businesses In The US Economy article.

Our beloved 101 “acre California farm-my small family’s one asset- has been in my family since 1942, when it was purchased by my great uncle. It has been planted In crops of many kinds, worked first by my uncle and then by my father, who earned a very modest salary as a mechanical engineer in […]

This paper is the second in a series of Tax Foundation studies examining Federal transfer taxation. The first of these studies provided a history and overview of federal transfer taxation. This paper attempts to gauge one of the economic effects of federal transfer taxation by examining the disincentive effects of the federal estate tax on […]

We begin with a simple statement of the facts about death taxation. America has had a death tax of some sort since 1916, the first year that the modern personal income tax was put in place. Before then, there were scattered periods were federal taxes were imposed on the receipt, rather than the transfer, of […]

Tea Party Threatened By Death Tax. Estate Valuation Prove Problematic For Oregon Timberland Owners. The Death Tax Chronicle is brought to you by the Family Business State Tax Coalition. Multi-Generation Ranch Fears Death Tax. Read the full Death Tax Chronicle articles.

Summarized below are the results of a survey of 272 family owned and operated businesses which are members of the National Association Of Women Business Owners. The study was sponsored by The Center Of The Study Of Taxation. It evaluates the experiences of these businesses with the Federal Estate Tax and assesses their expectations about […]

Mr. Syman is worth multi-millions – interests include real estate holdings, shopping center/strip mall developments, restaurants, etc. He is 66 years old and has just recently started consulting with attorney’s about death tax issues. He has spent $15,000 already on attorney’s fees- with what he says is “a long way to go” to sort out […]

Our great United States thrives because of the concept of capitalism and the promotion of an entrepreneurial spirit With those thoughts in mind, 1 strongly urge you to support permanent elimination of estate and generation-skipping taxes, now commonly referred to as the “Death Tax”. Family businesses are a v1tal part of the American fabric and […]

The American free market typically rewards success and encourages growth, unless you happen to be a family-business owner. My family has distributed food-service products and paper and plastic disposable products in Maine for more than 1 00 years. If President Obama’ s death tax – aka federal estate tax -plan becomes law, we may not […]

My mother is 86 years old. My father died in ’94. They grew up during the depression. My mother’s father was a share cropper in Nebraska. He earned a dollar a week. Mom never learned to read or write, but she was brilliant at figuring out how things worked mechanically. As she aged she developed […]

The Estate Tax kills jobs. It kills the companies that provide jobs. In the process, it kills towns and communities, particularly those in rural areas dependent upon the land and local industry. Almost all small business is privately owned and most locally owned. When the Estate Tax strikes (or is imminent), these are the businesses […]

Mr. Goebel, the owner of the bus line and a hockey rink, currently has a “buy/sell” arrangement with his brothers regarding the business. They pay about $75,000 a year in insurance just to protect themselves should there be a death. Tom’s teenage children are not involved in the business yet, but will be and that […]

My father owned a small business which provided health products to his long time customers. Upon his death, we had to sell the business because of the estate tax on the sole proprietorship business left us too little to continue it. Now my brother and I who used to work for the business, have to […]

I am only 36 yr old and have been in the financial planning field for 8yrs. My clients average age is 67 and range 50-80. Seeing the average portfolio of these clients go from $500k to over $1 million plus in the 8yrs, due to stock values, particularly Exxon, Shell, etc. and company retirement, pension […]

My Mother in law recently passed away. She lived in Minden, Ne. all her life. She and her late husband worked their entire lives in Kearney County. They owned farms, feed lots, gas stations, implement dealerships, and rental properties. They have payed income taxes on these business their entire life as well as capital gains […]

I have not had to sell assets yet but as it stands upon the death of my father, because of the value of the farm land now, my sisters and I will have to either sell some of the land or clear cut timber to pay for the estate taxes. It is just a small […]

My family has almond land, rice land and cattle land in California. Our forefathers settled on the cattle land in the mid 1800’s. The problem I see is that land in California has increased in value so tremendously that he average land owner is going to be impacted in a major way upon the death […]

Dear Ms. Soldano: I want Congress to do something about reducing the death tax if they won’t repeal it. It looks like the Democrats are dead-set against a repeal, but might support a compromise (even though they killed the latest attempt to come up with a bill package that had something for everybody.) What can […]

New Data On The Effects Of The Death Tax Almost twice as many family members sell their business or property early because of the death tax, and those who leave the business or property to their children to determine how to pay the 55% tax. This means that death taxes are directly preventing families from […]

Clarity is scarce, and at a premium, in Washington today. Complicated, complex, and contentious issues abound. Healthcare, immigration, foreign relations. The list goes on. Pick one. The common denominator is always that there seem to be more questions than answers. So we offer the policymakers who will read this document a some certainty in this […]

New Survey of Family Businesses Reveals Strengths and Challenges Ahead Family business are key drivers of economic development, but taxes and regulations hinder growth A new survey finds that family businesses across America, while optimistic about growth in 2017, continue to be burdened by costs associated with government regulation, tax policy and other external factors. […]

With tax reform now in the spotlight of political debate, repeal of the “estate” or “death tax” has moved to the front burner of tax reform proposals currently under consideration; unfortunately, many of these proposals do not include repeal of the gift tax.  The death tax is infamous for the damage it has caused, especially […]

President Trump has proposed a comprehensive tax reform plan that includes a complete repeal of the estate tax. The details of his proposal are below:  2017 Tax Reform for Economic Growth and American Jobs  The Biggest Individual And Business Tax Cut In American History Goals For Tax Reform Grow the economy and create millions of […]

On Tuesday (1/24/17), Rep. Kristi Noem (R-SD) and lead co-sponsor Rep. Sanford Bishop (D-GA) introduced legislation (H.R. 631) in the House of Representatives that would fully repeal the estate tax in the 115th Congress. In introducing her bill, Noem emphasized the tax’s harmful impact on families, with Noem recounting how her family received a notice from the IRS […]

On Monday (1/9/17), while speaking to the Heckerling Institute on Estate Planning in Orlando, Florida, Kathy Veihmeyer Hughes of the Treasury Department’s Office of Tax Policy, provided a status update of proposed regulations reducing valuation discounts for estates. While the statement remains unofficial, key points made by Hughes include:   There will not be an attempt to revise and finalize […]

Revised July 17, 2017 PATG State Death Tax Chart — July 17, 2017 This chart is maintained for the Policy and Taxation Group Website and is updated regularly.  Any comments on the chart or new developments that should be reflected on the chart may be sent to [email protected]

South Dakota Sen. John Thune and other top Republicans recently announced their intentions to launch a new drive to repeal the estate tax next year, while pulling back on efforts to force a year-end vote aimed at blocking proposed Treasury Department regulations under Section 2704. Thune voiced confidence that there would be consensus support for […]

House Majority Leader Rep. Kevin McCarthy (CA) along with Republican committee chairmen have sent a letter to all government agencies urging them not move ahead with any new regulations in the closing months of the Obama Administration. In the letter, McCarthy warned against acting with “undue haste” by enforcing “midnight-hour regulations” in the end of the […]

The American College of Trust and Estate Counsel (ACTEC) has just released a detailed response on Treasury’s proposed regulations under Section 2704 regarding valuation discounts for estates. The ACTEC is a nonprofit association of over 2,700 lawyers and law professors with experience in the preparation of wills and trusts and estate planning. A summary of […]

Our voices have been heard! See below for an article on the sizable number of businesses and trade groups that have signed on to the letter against the proposed regulations under Section 2704. Thousands Ask Treasury To Kill Estate Transfer Proposal By Vidya Kauri Law360, New York (September 28, 2016, 7:22 PM EDT) — More than […]

BNA Snapshot * Senate opposition letter possible this week * Lawmakers upset administration is using regulatory process for estate tax changes By Allyson Versprille and Aaron E. Lorenzo Sept. 27 – Senate Republican leaders are joining efforts in the House to block IRS estate tax regulations on valuation discounts. The proposed regulations (REG-163113-02), introduced in […]

Please click the link below to view the replay of FOX’s most recent webinar on the impact of proposed Section 2704 regulations on families in which Skip Fox, Aubrey Rothrock and I participated. Urgent FOX Webinar – Is the Clock Ticking for Valuation Discounts? – IRC Sec. 2704 To view the webinar presentation with our […]

I would like to bring to your attention an article from the Wall Street Journal discussing Hillary Clinton’s proposals for increasing the estate tax. In all, Mrs. Clinton would increase taxes by about $1.5 trillion over the next decade, increasing federal revenue by about 4%, though that new burden would be concentrated on relatively few […]

We have several updates from Capitol Hill this week, particularly regarding the proposed Treasury regulations. Please click this link for PATG’s talking points on the proposed regulations under Section 2704. In addition, we would like to share with you a sample letter that you can send the Department of the Treasury (and copying Capitol Hill, as listed on […]

BNA Snapshot * Estates over $50 million give most to charity * If tax repealed, wealthy might lose incentive to make charitable bequests, analysts say By Allyson Versprille   Sept. 12 – Donald Trump’s campaign promise to repeal the estate tax would pad the pockets of multimillionaires, but analysts and researchers agree that such an action […]

  OPINION  REVIEW & OUTLOOK A Stealth Death Tax Increase Treasury again rewrites longstanding interpretations of law Sept. 5, 2016 6:46 p.m. ET In Print, September 6, 2016, p. A-14 January 20 cannot come soon enough for the owners of family businesses. Less than five months before President Obama leaves office, his Treasury Department is rushing […]

Proposed Section 2704 Regulations Would Impose Major Restrictions on Valuation Discount Planning Long-awaited proposed regulations under Section 2704 of the Internal Revenue Code, released on August 2, 2016, would make sweeping and very significant changes to the valuation of interests in many family-controlled entities for estate, gift, and generation-skipping transfer tax purposes. The primary focuses […]

On August 2, 2016, The Internal Revenue Service (IRS) issued much anticipated proposed regulations that would limit the use of discounts when valuing interests in family entities for estate, gift and generation-skipping transfer tax purposes. If made final in their current form, the regulations will restrict the use of “minority,” “lack of marketability” and “lack […]

BNA Tax Report The IRS may face an uphill battle as it works to finalize recent proposed regulations meant to curb certain estate and gift tax planning tactics, according to practitioners. The proposed regulations (REG-163113-02), issued Aug. 2, place limitations on the use of valuation discounts that reduce the overall value of assets in family-owned […]

Yesterday, the US Treasury Department released long anticipated guidance under IRC Section 2704 designed to close tax preferences on the valuation of certain interests in family limited partnerships and limited liability companies for estate, gift, and generation-skipping tax purposes. The proposed regulations are broad and comprehensive and will restrict the use of planning techniques involving […]

With the Republican Convention coming to a close and the Democrat Convention opening next week, tax policy continues to be a key differentiator between the Presidential candidates. Donald Trump proposes to reduce the existing seven individual tax brackets to three, with the top rate falling to 25% from 39.6%, while the corporate tax rate would […]

The IRS has recently released a draft of instructions for Form 706 concerning estates of decedents who died after Dec. 31, 2015. These draft instructions include reminders on consistent basis reporting, new estate tax exemption value and treatment of same-sex couples. The draft instructions for Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, include the […]

According to a recent study published by the Tax Foundation, presumptive Republican presidential nominee Donald Trump’s estate tax proposal would encourage economic growth, but also reduce tax revenue by billions of dollars. The group said that even though his plan would decrease federal revenue by $240 billion over a 10-year period, elimination of the estate […]

We thought this story about the launch of a potential rival lobbying organization featured in Politico would be of interest to you. The Patriotic Millionaires, a group of wealthy Americans who argue they should pay higher taxes, registered to lobby for the first time. Gene Haigh, the group’s SVP of government affairs, is focusing on Sen. […]

The results of the 2016 presidential and congressional races could hold significant sway over the future use of grantor-retained annuity trusts (GRATs) while simultaneously impacting estate and gift taxes. If presumed Democratic nominee Hillary Clinton wins the general election, PATG anticipates that many of her policies will be in line with the current budget proposals […]

During an address to the American Bar Association Taxation Section over the weekend, Melissa C. Liquerman, Branch Chief within the IRS Office of the Chief Counsel, acknowledged that long awaited regulatory guidance under Section 2704 addressing family-owned business and family limited partnerships could be released within the next six to eight weeks. Liquerman said “highly anticipated” […]

The Estate Tax Turns 100 years old this year! It is time to kill it once and for all! Please help us to do that by referring families to us that can help our efforts and support our work. Forward this email on to any family that you think would be interested in becoming a Supporter of […]

Rep. Sander Levin, the top Democrat on the House Ways and Means Committee, recently released a new bill that brings back the estate tax parameters from early in the Obama administration – a $3.5 million exemption, and a 45 percent top rate. That’s moving in the other direction from Republican presidential candidates and lawmakers, who […]

PATG continues to monitor the anticipated year-end release of Treasury regulations under Section 2704 that could place limits on the availability of valuation discounts.  As you are aware, PATG worked closely with our Congressional champions over the last year to communicate opposition to any aggressive and unilateral regulatory actions that would substantially increase the estate […]

Early this morning, Congressional leaders announced that an agreement had been reached to pass a $1.15 trillion deal on spending and tax legislation that would avoid a government shutdown and fund the federal government in fiscal 2016. Policy and Taxation Group would like to highlight that this legislation contains a series of tax extenders which includes a […]

Policy and Taxation Group is excited to announce that Rep. Kevin Brady (R-TX) has just officially been announced as the next chairman of the Ways and Means Committee. Rep. Brady is a true champion of the estate tax repeal effort and the author of this year’s estate tax repeal bill, which passed in the House […]

Family Enterprise USA releases an annual survey in order to gather updated data on the state of family businesses throughout the country. You can access the 2015 survey here: https://www.surveymonkey.com/r/TM9W9W8.   If you are a family business owner, please take a few minutes to fill out this survey. We also encourage you to pass this survey […]

Each American Dream recently received back the results from our national survey of Hispanic voters and would like to share some early key insights with you! An interesting finding from our study was the large disconnect between the values and political affiliation among Hispanic voters. While 50% of our poll’s respondents self-identified as Democrats, only […]

We would like to share with you Each American Dream’s latest op-ed, authored by our Chairman Pat Soldano and published last week in The Hill. Pat discusses the need for Congressional action on comprehensive tax reform and the negative impact of Presidential candidate Sen. Bernie Sander’s (I-VT) call to raise estate tax rates. An excerpt of our op-ed along […]

Policy and Taxation Group’s sister organization Each American Dream (EAD) is in the midst of an exciting research project among Hispanic voters, studying how Latinos view wealth, taxes and the economy, and the American Dream.  We kicked off this research in April by partnering with Leslie Sanchez of Impacto Group and conducting two focus groups […]

Over the weekend, it came to light that the British Conservatives will soon announce plans to reduce the scope of the United Kingdom’s estate tax by dramatically expanding exemptions allowed for a person’s main residence. This proposed relief is a positive sign, but also serves as a reminder that America’s very high estate taxes pose […]

On June 25, U.S. Presidential hopeful Sen. Bernie Sanders (I-VT) presented legislation calling for an across the board hike on federal estate tax rates with the introduction of the “Responsible Estate Tax Act”. Sen. Sanders’ bill is accompanied by a companion bill in the House of Representatives that is being sponsored by Rep. Jan Schakowsky […]

This was originally posted as an op-ed in Roll Call. By Tyler Deaton For the first time in a decade, Congress has decided to seriously examine the burden the death tax — also known as the estate tax — places on grieving families and their small businesses and employees. Last month, the House Ways and […]

This week, President Obama released his budget proposal for Fiscal Year 2016, outlining his spending and tax agenda for the coming year. As with previous proposed budgets, the outline relies heavily on more than $1.5 trillion in new taxes, mostly on high income and high net worth Americans to fund deficit reduction, new and expanded […]

As we previously reported, PATG has been tracking speculation from inside and outside Washington that the IRS may issue proposed regulations aimed at curbing the availability of valuation discounts for interests in closely-held entities. As you know, such a change could substantially increase the estate tax burden of many family enterprises. We recently received confirmation […]

I wanted to take this opportunity to notify you of some changes at Policy and Taxation Group (PATG), and formally welcome Tyler Deaton to the team. Tyler will replace Jeff Cook-McCormac as Senior Advisor to the organization. For some time, I have been planning my retirement from GenSpring at the end of 2014. This year, […]

Last night, the President gave his sixth State of the Union address where he outlined his policy agenda for the coming year (video, transcript). The tone of the speech was decidedly optimistic, with broad language urging Congress to work with him to get things done. Unfortunately, many of the policies the President set forth have […]

Source: The Hill By Jeff Cook-McCormac If there is a lesson to be learned from the 2014 midterm elections, it is that Americans are frustrated with the status quo. Voters did not cast their ballots in favor of one political party or the other. Instead, they went to the polls on November 4 to tell […]

Source: The New York Times By Frank Luntz On election night 1994, as Republicans recaptured the House for the first time in 40 years, I stood in the audience and watched my client Newt Gingrich, who would soon become speaker of the House, declare the beginning of the “Republican revolution.” I knew immediately that the […]

Over the past several months, PATG has been tracking speculation from inside and outside Washington that the IRS may issue proposed regulations aimed at curbing the availability of valuation discounts for interests in closely-held entities. As you know, such a change could substantially increase the estate tax burden of many family enterprises.  Most recently, the IRS […]

Seattle Times NEWS that the last family farm in Issaquah is being sold for residential development is a reminder of one of the subtle ills of our tax system: a death tax that forces many farm families and business owners either to liquidate their assets, or go through enormous and costly gyrations to avoid it. […]

By Frank Luntz June 18, 2014 To see the full presentation, click here.

Frank Luntz – an Each American Dream survey found that 78% of Americans now say that working hard and doing the right thing isn’t enough to get ahead. Responders point to politicians, corruption, and debt as sources. See the video …

By Frank Luntz January 28, 2014 To see the full presentation, click here.

Economic inequality has become the left’s great hope for recovering its political integrity after the Obamacare disaster. President Obama, trying to change the subject, has latched onto the issue and is sure to make many more speeches about it in the New Year. New York’s new mayor, Bill de Blasio, promises to make that great […]

DENVER – They had $10 million in contributions, a barrage of advertising and support from the usually warring factions of the educational establishment. But Democratic leaders in this swing state were dealt a stinging defeat on Tuesday as voters resoundingly rejected an effort to raise taxes by $1 billion a year to pay for a […]

Beginning early in his re-election campaign, President Obama began voicing his belief that our broken tax system and mounting deficit could be fixed — in part, at least – by asking the nation’s wealthiest taxpayer’s to pay their “fair share” of federal income tax. By eliminating preferences, deductions, and exclusions that primarily benefit the rich, […]

I learned to appreciate the American free enterprise system by quitting a job in Spain. At age 19, I dropped out of school to pursue a career as a French horn player. After a few twists and turns, I wound up in the Barcelona Symphony, which was a Spanish government job. Even as a foreigner, […]

With the November 6 elections in the rear view, thoughts turn to the lame duck session and the coming 113th Congress. Observers inside the beltway continue to work to interpret the election results and determine how they will shape the near- and long-term prospects for an extension of current estate tax law and the possibility […]

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With just a little more than 2 weeks left until election day, the candidates are angling on tax policy and lawmakers are beginning to lay the groundwork for the lame duck session. Here’s the latest from Washington and the campaign trail: Romney and Repeal – On October 9, Republican presidential nominee Mitt Romney called for […]

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On August 1, it was another busy day in Washington as Congress aimed to finish business (for now) on key items, including House consideration of an extension of current income, capital gains, dividend and estate tax parameters. House Action Today – The House was slated to begin consideration of the Republican one-year tax extension bill […]

August 1 was a significant day in the ongoing congressional battle over tax policy. Levin Amendment – During consideration of the Republicans’ one-year tax extension bill, Congressman Sander Levin (D-MI) offered an amendment to replace the measure with the Senate-passed bill. The Senate measure would extend current rates only for individuals earning under $200,000 per […]

On July 25, intense activity in tax policy debate returned, and estate tax relief is back in the center of attention. Floor Action Today – As we reported on July 19, Senate Democrats have removed the estate tax provisions from their one-year tax extender measure, which would extend current tax rates only for individuals earning […]

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The Senate Republican proposal, which would have extended current rates for all taxpayers and preserved the 35/5 estate tax parameters, was defeated by a vote of 45-54. 44 of 47 Republicans and Democratic Senator Mark Pryor (D-AR) supported the amendment. 52 of 53 Democratic-aligned Senators and Republican Senators Susan Collins (R-ME) and Scott Brown (R-MA) […]

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Leaders of both parties are preparing outlines of legislation to extend or provide additional payroll tax relief, neither of which are expected to impact estate, gift and generation-skipping transfer (GST) taxes. Policy and Taxation Group is paying close attention to year-end, “must pass” measures to minimize the risk of harmful changes to estate taxes aimed […]

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By Douglas Holtz-Eakin and Cameron T. Smith September 2010 A Study by the American Family Business Foundation Executive Summary  The United States economy has endured a severe recession and is currently growing too slowly. Accordingly, it is imperative that policy be focused on generating the maximum possible pace of economic growth. The estate tax is […]

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By Harry Alford April 26, 2006 Why does the National Black Chamber of Commerce support the permanent elimination or the reduction of the estate tax? Because many of our family businesses are first generation businesses, where children work along side their parents, in these businesses. They would like to see their children continue the business […]

By the Seattle Times Company Editorial Board May 17, 2005 THE supporters of the death tax portray it as an egalitarian measure that taxes only the rich. But its effect in the real world of business is to squeeze middle-sized companies into selling out to bigger ones. Consider who is motivated enough to attend the […]

By Impacto Group June 1, 2004 Prepared for Patricia Soldano Overview “It [death tax] affects everybody. If I shut down my business, it puts 18 families on the street. These families would then become dependent on the government for support, and it would increase the problem—not solve it.” —Hector J., manufacturing service and engineering contracting, […]

By CONSAD Research Corporation June 30, 2003 Approach CONSAD Research Corporation has developed a computer model for estimating the changes in government revenues that will occur under proposals that, first, repeal the estate tax and, second, limit the degree to which a step-up in the basis for measuring taxable capital gains can be applied to […]

By Nancy M. Pfotenhauer April 2002 Women have a special interest in how the death tax affects their families. In part that’s because women are the fastest growing group of business owners and employers. Whether you own a business yourself of work for a woman-owned business–as millions of Americans do–the death tax can affect your […]

By Frank Luntz April 24, 2001 Overview The message to policymakers from this poll is clear. Gay and lesbian Americans overwhelmingly think they and their families are discriminated against by the “death tax,” and they want this tax abolished. Fully 80% of the gays and lesbians in this study voted for Gore in the 2000 […]