One quality we’ve noticed a lot of our clients share is a great curiosity. We’re often asked about what we are seeing, reading and paying attention to. So, our own Seth Corkin has started collecting the most interesting articles he’s coming across to share them with you in his new blog series, “What’s New(s)?”. Seth will highlight the topics that he’s following closely which might have an impact on you, as well as some others that he thinks you might find interesting or fun.
Please let us know what you think of this format in addition to the topic-based blogs and videos we’ll continue sharing.
Sen Sanders introduced a bill (The 99.5% Act) to make significant changes to the estate tax including reducing the estate tax exemption (from $11.7MM per person to $3.5MM), increasing estate tax rates, and doing away with some popular (and effective) wealth transfer strategies.
In addition, Sanders and Senate Democrats also introduced the STEP Act which takes aim at eliminating “step-up” rules which allow heirs to inherit assets without having to pay the capital gains tax on appreciation. The STEP Act would give each person a $1MM capital gains exemption and an additional $500k for personal residences.
WalletHub ranked the 12 best states for retirement in 2020 based on affordability, quality of life, and healthcare. Can you guess who was #1?!
WalletHub also ranked the 12 states with the highest taxes based on property taxes, individual income taxes, and sales/excise tax.
While so many folks are focused on tax increases, Treasury Secretary Janet Yellen is working to eliminate the $10,000 cap on state and local tax deductions (often called the SALT cap). Lifting this cap would benefit those with high real estate taxes or big state income tax bills (hello, NY, CA, and to a lesser extent MA!).
The second round of the PPP application deadline has been extended from March 31st to May 31st.