WHAT IT IS AND WHAT IT WILL BE – IRS / CLINTON – TRUMP PROPOSALS SANTA ROSA CA

James Zakasky
An estate attorney who goes beyond drafting wills and creating trusts

WHAT IT IS AND WHAT IT WILL BE – IRS / CLINTON – TRUMP PROPOSALS

The IRS has released Rev. Proc. 2016-55 announcing the exemptions and various tax adjustments for 2017. 

  • The annual gift exclusion remains at $14,000. 

  • The unified gift/estate exemption is adjusted to $5,490,000.

  • Annual exemption for gifts to a noncitizen spouse is $149,000

  • The tax on Breathing is $.50. 

Just seeing who reads that far. 

 

Clinton Proposed Tax

  • Increase in Capital Gains Tax

  • Surcharge on Incomes over 5 Million

  • Payroll Tax Hike

  • Lower and Middle Income Tax Relief

  • Double the Child Credit of 2K

  • Care Giver Tax Credit

 

Trump Proposed Tax

  • Reduced tax rates at every bracket

  • 3 Rates for every American – 12%, 25% and 33%

  • Standard Deductions would be raised to 30K

  • Capital Gains Tax Stay as is

  • Expand Dependent Care breaks

  • Tax Savings accounts for Child Development and Elder Care

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