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As many of you know, Congress is considering changing or not changing parts of the tax code. These are some items that are being proposed.
Capital Gains – There would be no increase from 20% to 25% to the long terms capital gains rate.
Corporate Tax Rate – The rate for Corporations will not be increased to the proposed 26.5% but remain at the existing 21%.
Top Individual Tax Rate – The proposed 39.6% has been eliminated and the highest rate would remain at 37%. Alternative Minimum Taxes (AMT) however, may change and or be increased.
Estate Taxes – The revised bill of lowering the estate exemption tax to $5,000,000.00 per person is dropped and the existing $11,700,000.00 per person lifetime exemption is still available for estate and gift tax purposes. Please remember however, that a higher estate/gift tax exemption is still scheduled to sunset as of January 1, 2026 to $5,490,000.00.