Biden Greenbook Estate Tax Proposals: Should You Care?

Originally posted on Forbes.com

Yet Another Tax Proposal

?The Biden administration released its budget and tax proposals on March 28, 2022. This is called the “General Explanations of the Administration’s Fiscal Year 2023 Revenue Proposals,” or more affectionately the Greenbook. Should you care? Honestly, who knows. Speakers at a major estate planning conference speculated that it was unlikely for any of this to get enacted. So, if the gurus suggest this is unlikely to be enacted why should you give it any attention? Cuz no one can predict what might happen in Washington. With so many serious issues such as Ukraine, inflation, perhaps another Covid surge, etc. etc. will Congress be able to focus on tax legislation that is similar to what was rejected previously? While the gurus might be right that it’s unlikely to happen, what if they are wrong? Predicting tax law changes is a bit less precise then predicting the weather.

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