Law360 (August 24, 2021, 3:28 p.m. EDT) – The federal government needs a lot more revenue to pay for proposed infrastructure improvements and benefits.
A good way to increase this additional income without unpopular increases in tax rates would be to close two important tax loopholes used in the context of estate planning: the increased tax-free base of inherited capital assets; and the grantor’s trust.
The Biden administration and Congress are currently considering closing the tax-free base increase loophole. They should also consider closing the grant-trust loophole.
I believe that all income relating to an asset – including capital gains – …
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