Latest Updates: News, Issues, Announcements, Webcasts, Whitepapers, and More
Hillary Clinton Proposes 65% Top Rate for Estate Tax
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...
Letter to the Treasury; Let Your Voice Be Heard!
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...
Trump’s Estate Tax Plan Good for Wealthy, Bad for Charities
BNA Snapshot * Estates over $50 million give most to charity * If tax repealed, wealthy might lose incentive to make charitable bequests, analysts say By Allyson Versprille Sept. 12 - Donald Trump's campaign promise to repeal the estate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...
A Stealth Death Tax Increase
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...
McGuire Woods LLP Alert
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...
Changes in Treasury Regulations, Section 2704 will harm families!
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...
IRS Expected to Face Pushback Against New Estate Tax Rules
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...
Treasury Releases Long Awaited Regs on Family/LP’s!
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...
Tax Policy: Key Differentiator Between Presidential Candidates
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,...
Estate Tax Draft Instructions Cover Basis Reporting, Marriage
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....
Trump, Clinton Estate Tax Plans Diverge on Budget Impact
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...
Millionaires lobby to raise their own taxes
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....
Impact of 2016 Elections on GRATs and Estate Tax
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...
Final Rules on Family Limited Partnership Valuation – Estate Tax
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...
The Estate Tax Turns 100
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...
Rep. Sander Levin introduces bill to increase the estate tax
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...
Update on Release of Valuation Discount Regulations
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...
$1.15 Trillion Spending Deal Passes with Provisions to Gift Tax
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...
Rep. Kevin Brady named chairman of Ways and Means Committee
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...
Family Enterprise USA 2015 Annual Survey
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...
Each American Dream Hispanic 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...
Each American Dream Op-Ed featured in The Hill
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...
Each American Dream Hispanic Research Project
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...
British Proposal to Reduce Estate Tax a Reminder of International Competition
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...
Sen. Sanders introduces “Responsible Estate Tax Act” to raise the estate tax to 65%
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...
Obama’s Double Death Tax
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...
President Proposes Over $400 Billion in New Estate Taxes
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...
Treasury Response re: Estate Tax
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...
Exciting Changes at Policy and Taxation Group
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...
State of the Union Recap
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....