Some items to note that were not included in the legislative framework:
- A Billionaire tax, affecting a small, but wealthy segment of taxpayers
- Lowering estate tax exemption
- Changes to capital gains rates
- Changes to “Carried Interest”
- Changes to IRA accounts
- Changes to the SALT cap of $10,000
- Changes to grantor trusts
Some items to note that were included in the legislative framework:
- Surtax on individual taxpayers with income over $10 million with a second tier over $25 million, with similar provisions to trusts
- Surtax on public companies buying back their shares
- Minimum tax on corporations with over $1 billion in profits
- Expansion of the 3.8% net investment income tax to cover more businesses (S-corp) and trusts
- Reduction in the benefits of qualified small business stock sales
- Changes to business loss carryovers for non-corporate taxpayers
Don’t be fooled…
Hat tip Friedman & Huey Assoc. LLP