Trump Tax “Plan” Released
I reviewed what has been said and written in the wake of last Thursday’s release of the Trump Tax “Plan”, and watched a video of the Cohn/Mnuchin press conference. There appears to be a lack of detail in what amounts to a one-page plan containing core philosophies / talking points / bargaining positions. The “Plan” focuses on corporate taxes and individual income tax rates, but also calls for immediate repeal of the death tax. There is no mention of gift tax, GST, carryover basis, or otherwise. Therefore, it is difficult from an estate planning perspective to draw too many conclusions from this “Plan.”
John Varga and I attended Estate Planners’ Day in NYC on Thursday, April 27, as put on by the Estate Planning Council of New York City. While the Trump Tax “Plan” was referred to several times, the common refrains were “there were no details”, “uncertainty”, “estate tax repeal is highly unlikely” and “tax reform remains far off given the legislative process”, etc., etc. The old Dave Camp plan was also referred to as potentially being more indicative of where things will shake out in comparison to the 2016 House Plan that has gotten so much publicity. The Camp plan contained the same three tax brackets and tax rates as were unveiled on Thursday.
In short, the talk and speculation continues.
DISCLAIMERS: The information provided herein has been prepared without taking into account any specific objectives, financial circumstances or needs. Accordingly, MPI disclaims any and all guarantees, undertakings and warranties, expressed or implied, and shall not be liable for any loss or damage whatsoever (including human or computer error, negligent or otherwise, or actual, incidental, consequential or any other loss or damage) arising out of or in connection with any use or reliance upon the information or advice contained within this publication. The viewer must accept sole responsibility associated with the use of the material in this publication, irrespective of the purpose for which such use or results are applied. This material should not be viewed as advice or recommendations. This information is not intended to, and should not, form a primary basis for any investment, valuation or other decisions. MPI is not acting as a fiduciary, an expert or advisor in any capacity whatsoever in providing the information set forth herein. The information set forth herein may not be relied upon and is not a substitute for competent legal and financial advice.
The information provided in this publication is based in part on public information. MPI makes every effort to use reliable and comprehensive information, but makes no warranties or representations of any kind relating to the accuracy, completeness or timeliness of the information provided herein and MPI shall not have liability for any damages of any kind relating to any reliance on such data. Further, the information set forth herein may be subject to change. MPI has no obligation to update the information set forth herein or to advise the viewer when opinions or information may change.
Investment banking and transaction advisory services are provided by MPI Securities, Inc., member FINRA/SIPC. Persons affiliated with MPI Securities, Inc. are registered representatives of and securities are offered through MPI Securities, Inc. This publication is not a solicitation or offer to buy or sell securities. The information contained in this publication was prepared for information purposes only and was not intended or written to be used as investment or tax advice or as a recommendation to buy or sell securities.
MPI is a business valuation and advisory firm that was founded in 1939. MPI provides business valuation and advisory services primarily to closely held companies and partnerships for a variety of purposes including estate and gift tax, income tax, charitable contributions, litigation support, buy-sell agreements, ESOPs, and exit planning. MPI provides fairness opinions, sell-side and buy-side advisory services, intangible asset valuation, purchase price allocations, goodwill impairment testing, valuations for equity-based incentive plans, and blockage and restricted stock studies. MPI conducts every project as if it is going to face the highest level of scrutiny, and its senior professionals have extensive experience presenting and defending work product in front of financial statement auditors, management teams, corporate boards and fiduciaries, the IRS, other government agencies, and in various courts.