June 11th, 2021
David De Jong and Steve Widdes Speak on Estate Planning In Light of Proposed Legislation
On Monday, June 7, Stein Sperling tax and estate attorneys David De Jong and Steve Widdes joined host Bob Leins on Federal News Network’s ForYourBenefit show to talk about “Tax and Estate Planning Today – In Light of Proposed Legislation.”
Topics include administration proposals to:
- Extend the 2021 broadening of the child tax credit, dependent care credit and earned income credit beyond the current year. Final legislation, if enacted, may look a lot different than the proposal as Republicans and some “red state” Democrats oppose large portions; many Democrats from high taxing states will oppose any bill which fails to restore the full deduction for state and local taxes;
- Proposed increase in ordinary income rates for those making over $400,000 per year as well as increases in capital gain and corporate tax rates;
- Limit the like-kind exchanges of real estate where there is more than $500,000 in gain; and
- Limit the step-up in asset basis for larger estates upon death by taxing the built-in gain.