Additional Proposed Tax Law Changes to Prepare For
I had the privilege to speak at a seminar recently on this topic and the speaker before me said that the next endangered species in this is country is the landowner. Was he right! The other proposed tax law changes are (1) the elimination of the stepped-up basis, (2) the doubling of the capital gains tax to 39.6%, (3) the reduction of the federal estate tax exemption to $3.5 million and an increase of the federal estate tax rate to 45%. Every one of these proposed tax law changes can cause potential needless tax burdens on property owners.