The major political candidates propose either decreasing the federal estate tax exemption to $3.5 million (Mrs. Clinton), or to $5 million (Mr. Trump), with a 45% estate tax rate (currently 40%). Mrs. Clinton also proposes a 50% estate tax for those with estates exceeding $10 million, and a 55% estate tax for those with estates exceeding $50 million. However, they both agree on something of much greater potential impact – the elimination of the step-up in cost basis of appreciated property at death. You can read more at https://www.hillaryclinton.com/briefing/factsheets/2016/01/12/investing-in-america-by-restoring-basic-fairness-to-our-tax-code/ and https://www.donaldjtrump.com/positions/tax-reform.
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