Trump Tax “Plan” Released

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. 

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