HILLARY CLINTON RELEASES ESTATE TAX PROPOSAL
On September 22, 2016, Hillary Clinton released her tax proposal that she plans to enact if elected in November. The newly-updated plan would mean big changes for the Federal Estate Tax. Previously, Clinton discussed reducing the Federal Estate and Gift tax exemption and increasing the tax rate from the current 40% tax on estates and gifts in excess of $5.45 million, to 45% tax onestates and gifts in excess of $ 3.5 million.
In addition to lowering the exemption and increasing the taxable rate, Clinton’s plan also provided for a progressive tax structure. Clinton would impose a 50% rate on estates over $10 million per person; 55% for estates over $50 million, and a top rate of 65%, for individuals with assets exceeding $500 million.
If you have a question about gift, inheritance or estate taxes, please contact one of our lawyers. We will continue to monitor legislation concerning these taxes and keep you posted. (October 10, 2016)