Webinar Rewind | Tax ‘Reform’ Ahead! Moves to Make Before Enactment
YOUNGSTOWN, Ohio — During a free webinar June 22, the team at Johnson & Johnson law firm discussed upcoming legislative proposals that could affect high-net worth individuals and business owners.
Panelists shared steps for businesses/individuals to take soon to reduce the potential losses that could be incurred and be prepared for those proposed changes to be enacted.
Most area businesses have not had federal gift and estate tax exposure for a number of years. However, the Biden administration proposals include both income and gift/estate tax law changes that would have severe effects on high net worth taxpayers and business owners.
Key points the webinar will include legislation that proposes:
• Increasing the top income tax bracket from 37% to 39.6%
• Increasing the top capital gains tax rate from 23.6% to 43.6%
• Repeal of “step-up” in tax basis at death
• Taxation of the gain on appreciated property for gifts during lifetime and death transfers
• Decrease in the amount of a tax-free estate passing to a non-spouse from $11.7 to $3.5 million
• Increase of the gift/estate tax rate from 40-45%
Johnson & Johnson is a fourth-generation law firm representing businesses and families. They have expertise in business law, estate planning, appellate work and real estate (including oil and gas and solar energy) law. Watch the video above for the complete webinar.
Copyright 2023 The Business Journal, Youngstown, Ohio.