Proposed Tax Plan and Estate Tax

Congress released its tax plan on Thursday morning. The portion which most impacts appraisers is the estate tax. According to reports, the plan is to repeal the tax in six years and double the exemption until repeal, which would mean about an $11 million exemption for individuals and $22 million exemption for married couples.

Although there are proposed changes in deductions, such as a reduction for the mortgage interest deduction, I did not see anything changing charitable donation deductions.

CNBC reports

tax plan seeks to immediately double the estate tax exemption and repeal the tax in six years. The estate tax, also known as the death tax, is currently a 40 percent levy on estates greater than $5.49 million for individual filers or about $11 million for married couples.

Source: CNBC