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The G-20 Shock
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The G-20 Shock
https://www.nysun.com/editorials/the-g-20-shock/91571/
It is shocking to see President Biden cutting with the Group of 20 wealthy countries a deal to raise taxes on American corporations without first getting a mandate from Congress. On the contrary, Mr. Biden has to be well aware that the sentiment for such a deal might well not even be there in Congress. Never mind. Mr. Biden seems to imagine that the Constitution granted the taxing power to the president of, say, France.
Where is Learned Hand when we need him? He is gone now, but he was the United States Circuit Judge who declared that Anyone may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase ones taxes. He sided with the tax commissioner, as did the Nine, though the justices vouchsafed Judge Hands point.
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Without any details, how are advisors expected to advise their clients today?
As most estate planners are aware by now, tax bills have been introduced by U.S. Sens. Bernie Sanders, Chris Van Hollen and others that, when aggregated, essentially eliminate every significant estate-planning tool or advantage advisors and their clients currently possess, including an historically high estate and gift tax exemption, stepped-up income tax basis at death and minority interest discounts. And as part of his American Families Plan (AFP), President Joe Biden has proposed a substantial curtailment on stepped-up income tax basis at death.
The problem is, although Biden introduced his proposal to eliminate income tax basis step-up at death several weeks ago, as of the date this article went to press, his administration had yet to release any actual bill language in this regard. As all advisors know, the devil is in the details. The question thus remains: Without any details, and with
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While not exactly the same, “sequestration” and “recusal” are sort of “BFF”s. Like shrimp and prawns, jam and jelly, chimpanzees and bonobos, one is often mistaken for the other. While what follows will explain what they are and how they’re different, what they share in common is that they each, in their own way, mean, in at least one incarnation, “you ain’t invited to the party.”
Allow me to explain.
The term “sequestration” may ring a dysfunctional Washington bell or two. In the paralytic-Washington sense, “sequestration” is a process whereby a financial can is kicked down the road. “Budget sequestration” is a provision of federal law that causes an across-the-board reduction in certain kinds of spending included in the federal budget. It involves setting a hard cap on the amount of government spending within broadly defined categories; if Congress enacts annual appropriations legislation that exceeds these caps, an across-the-board spending cut is
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