Here’s why the rich hate the estate tax

  Death and taxes may be unavoidable. Taken together, they become a firestorm. The federal estate tax has been a hot-button issue since it was first imposed under the Revenue Act of 1916, when 10 percent was levied on portions of an estate exceeding $5 million. The reason this one component of fiscal policy remains so hotly debated and highly politicized is because Americans are largely divided over its impact. Some believe it is a tool to prevent the concentration … Continued

You can give away up to $11 million and save on taxes

  Even as controversy heats up around the transfer of wealth from the real estate empire of the president’s father, Fred Trump, to his children, it’s getting much easier to gift millions of dollars — legally — to family. The Tax Cuts and Jobs Act raised the gift and estate tax exemption — also known as the unified credit — to $11.18 million per person in 2018, more than doubling the limit under the old tax law. This means that … Continued

After Budget Cuts, the IRS’ Work Against Tax Cheats Is… — ProPublica

THIS IS NOT ADVICE Tax evasion is at the center of the criminal cases against two associates of the president, Paul Manafort and Michael Cohen. The sheer scale of their efforts to avoid paying the government has given rise to a head-scratching question: How were they able to cheat the Internal Revenue Service for so many years? The answer, researchers and former government auditors say, is simple. The IRS pursues fewer cases of tax evasion than it did less than … Continued

Election Protection: How lawyers can help uphold voters’ rights this November

  Want to protect democracy and ensure voters’ rights? If you are looking to ways to volunteer during the 2018 midterm elections, there are opportunities available, especially for attorneys. In this episode of the ABA Journal’s Asked & Answered podcast, Stephanie Francis Ward speaks with Marsha Johnson-Blanco, co-director of the Voting Rights Project of the Lawyers’ Committee for Civil Rights Under Law, about how attorneys can help on Nov. 6. Lawyers are needed to answer hotline calls in a variety … Continued

How the new tax law affects every age — from babies to boomers – MarketWatch

As always, two things remain constant: (1) you will get older every day and (2) you will get taxed all along the way. In this article, I’ll explain some key age-related tax and financial planning milestones to remember for you and your loved ones, taking into account changes included in the new Tax Cuts and Jobs Act (TCJA). Age 0-23: Kiddie tax can bite even harder under the new law Under the dreaded Kiddie Tax rules, part of a young … Continued