The coronavirus relief package that President Biden is expected to sign into law in the near future would cut taxes on average by about $3,000 in 2021 and would have the biggest impact on the after-tax incomes of low- and middle-income households,
Mr. Biden’s bottom-up $1.9 trillion aid package is a sharp reversal from the tax cut bill that was President Donald J. Trump’s first big legislative victory.
Why Full Expensing of R&D Should Remain in the Tax Code
Commentary
Ask 1,000 random people what the 2017 tax reform law did, and probably none of them would tell you about full expensing of business investments instead, they’d likely cite individual or corporate income tax reductions.
And yet, the ability to immediately deduct investment expenses was one of the most important pro-growth provisions in the entirety of the Tax Cuts and Jobs Act (TCJA). Now, though, it’s in danger of being phased out, unless Congress passes legislation sponsored by Rep. John Larson (R-Conn.) and other House Republicans to extend it.
Monday, February 22, 2021
Based on recent election results, attention has focused on what is in store for the federal transfer tax system. This article discusses the status of the current transfer tax laws and President Biden’s proposals for changes.
Estate, Gift, and Generation-Skipping Transfer Taxes
Three federal taxes affect the transfer of wealth: gift tax, estate tax and generation-skipping transfer (GST) tax. Not all transfers are subject to transfer tax. The gift tax (which applies to lifetime transfers) and estate tax (which applies to transfers at death) are “unified,” meaning that a single rate schedule applies to both taxes and there is a single “exemption” amount that each individual may transfer during life or at death without paying gift or estate taxes. The GST tax is an additional tax imposed on certain transfers made to persons more than one generation below the donor. The GST tax applies to transfers during life and to transfers at and afte
For better or worse, former President Donald Trump's legacy has been cemented. Barring a 2024 comeback, the Trump era is now in the history books and time will be his administration's judge. One of.