Posts Tagged ‘estate tax’

The Demise of Estate Tax Planning

A fascinating story in last Friday’s Wall Street Journal reports what I suppose was an inevitable trend: With the estate tax exemption now up to $5.25 million ($10.5 million for couples) estate tax lawyers are running out of work. So, writes the Journal’s Arden Dale, they are turning to income tax planning for high-net worth clients. The Tax […]

DOMA’s Demise and Federal Taxes

Same-sex couples are cheering the Supreme Court’s striking down the Defense of Marriage Act (DOMA), but the tax consequences are more of a mixed bag. For many couples, federal recognition of same-sex marriages will mean lower tax bills, but some gay couples will end up paying more. As I discussed here a few months back, […]

Same-Sex Couples and Taxes

The 1996 Defense of Marriage Act (DOMA) was not primarily a tax law but it certainly affects the federal taxes that same-sex couples pay. In fact, taxes are the basis for the second of the two cases concerning same-sex marriage that the Supreme Court will hear this week. Although the federal government generally recognizes state […]

Give Now or Pay Later: The Ever-Changing Estate and Gift Tax

For over a decade, the federal estate and gift tax has been in constant flux with its exemption rising, its rates falling, and its near-death experience in 2010 followed by resurrection in a reduced state. Now Congress once again has to decide what to do about these levies, which affect relatively few taxpayers but get an […]

102% Tax Rate? Really?

Investment manager James Ross last week told New York Times columnist James Stewart that his combined federal, state, and local tax rate was 102 percent.  No doubt, Ross did pay a lot of tax to the feds and the two New Yorks, city and state. But did he really pay more than all of his […]

Romney’s Tax Plan Really Does Favor the Rich

Despite evidence to the contrary, there is a lingering view that Mitt Romney’s tax plan would primarily help middle-income households and not favor the rich. Yet TPC’s analysis of the plan clearly showed that high-income households would win big and others would do less well. Poor families would actually lose, relative to the taxes they’re […]

The Coming Flood of Estate Tax Returns

 Fewer than 3,300 estates will owe federal estate tax this year, the smallest number in more than 75 years (other than 2010 when the tax disappeared for the year). But, paradoxically, even as Congress shrinks the number of taxable estates, the law also encourages many more estates to file returns—even if they owe no tax. […]