We previously posted President-Elect Donald Trump Is Less Than Ideal for Tax Advisers? where we discussed President-Elect Trump's tax plans, which includes the repeal of the US Estate & Gift taxes.

This may be a realistic possibility considering that this is in line with some of the proposals in the Republican House Ways & Means Committee Report of June 24, 2016 and especially when you consider that now the Republican's Control both the Senate and the Congress.

There are some differences that will need to be ironed out, including that Trump’s proposal would still allow the step-up in basis for estates under USD10 million but the Republican Party's proposal would simply abolish the tax without allowing step-up.

There are known policy disagreements between Trump a and his Republican colleagues in Congress.
However, even if where they cannot agree on the details, there is likely to be a significant amount of tax legislation in 2017.

 

Sources

• Republican Party (PDF file)
• Tax Policy Center