12/09/2024 --natlawreview
Prior to November 5th, most pundits on both sides of the aisle did not forecast Republicans gaining control of both the Senate and House of Representatives. With Donald Trump being elected to a second term, we now have a “red wave” with the Republican Party holding the White House and both chambers of Congress.Now that the Republican party has gained control of the House, speculation turns to how President-elect Trump and the new Congress will attempt tax reform in 2025, specifically in light of the Tax Cut and Jobs Act (TCJA) set to expire January 1, 2026, if no new legislation is enacted.While the odds of the extension of the higher federal estate and gift tax exemption amounts are now more favorable, and rumors swirl about whether the federal estate tax could be repealed completely, clients should be cautious if considering delaying their tax planning until the end of 2025 or beyond.With slim majorities in both the House and the Senate and the present focus on slashing the large... Read the complete article here...© Polsinelli PC, Polsinelli LLP in California