Around The Water Cooler this morning, we’re talking about inflation and Clinton vs. Trump on the estate tax:
- In an excellent piece, Where do our Presidential Candidates Stand on Estate Tax?, Stacie Rottenstreich and Stephanie Moll at Bryan Cave explain the relevant positions of the candidates: repeal vs. increase in estate tax plus elimination of stepped-up basis.
- Thompson Reuters has released its projected inflation-adjusted Estate, Gift, and Generation-Skipping Transfer (GST) Tax Exemptions:
- Estate, Gift, and GST Tax Exemptions: $5,490,000 (up from $5,450,000 in 2016)
- Gift Tax Annual Exclusion: $14,000 (the same as in 2016)
- Special Use Valuation Reduction Limit: $1,120,000 (up from $1,100,000 in 2016)
- Amount of estate tax deferral on farm or closely-held business interests: $1,490,000 (up from $1,480,000 in 2016).