On January 10th, PricewaterhouseCoopers hosted a
webinar pertaining to potential tax legislation in 2012. The panelists
concluded that, despite a number of tax provisions that will expire, a
huge deficit, and a continuing clamor for significant tax reform, it is
unlikely there will be major legislation during this election year.
Rather, it is very likely that, in 2012, taxpayers will face the same
planning uncertainty they did in 2010; namely, the next year looming
with a $1 million gift and death tax exemption.
Thus, Congress will act (or not) sometime between Thanksgiving and
New Years. In 2012, however, in contrast to 2010, there are additional
pressures which do not bode well for the continuation of this year's $5
million gift and estate tax exemption, such as a lame duck Congress and a
scheduled $450 billion cut in defense spending. There could also be a
new President. Absent other cuts or tax increases, the tension between
reduced spending or increasing taxes or both, will continue to dominate
discussion of estate planning topics affecting Virginia residents and U.S.
citizens at Dedon on
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