Federal Income and Wealth Transfer Taxation: What Happened and What Might Happen Next
Estate Planning Developments for Texas Professionals, May 2013
4 Pages Posted: 31 May 2013
Date Written: May 2013
Abstract
As 2012 came to an end and 2013 began, a furious rush of legislation from Congress impacted how income and wealth transfer are taxed. Although at first it was thought these changes were “permanent”, or as permanent as anything Congress does can be, there are already serious rumblings that significant changes are on the horizon.
This article begins by explaining what happened, details the current rules, and concludes with a discussion of what the future may hold.
Keywords: estate tax, gift tax, income tax, American Taxpayer Relief Act of 2012, ATRA, taxation, estate planning
JEL Classification: K34
Suggested Citation: Suggested Citation