December 5, 2017 / Press
Jeffrey Geida Speaks to Fox Business and Tax Notes on Possible Estate Tax Repeal, Tax Deductions
Jeffrey Geida recently spoke to Fox Business and Tax Notes on the House GOP’s tax reform proposal providing a delayed repeal of the estate tax and maintaining the step-up in basis at death, as well as an elimination of state and local tax (SALT) deductions. In Brittany De Lea’s Fox Business articles, Jeffrey explains how repealing the estate tax would benefit the “wealthiest people in the country.” “When you have a repeal of the estate tax combined with keeping the step-up in basis rules… It [benefits] people with really, really substantial assets,” he says. Find the full articles on estate tax repeal, SALT deductions, and the impact of estate tax reform on housing here, here, and here.
In Matthew Madara’s Tax Notes article, Jeffrey calls the proposal “a huge giveaway to the wealthiest people in the country,” and believes that it is unlikely that both elements of the proposal will make it through the Senate. “I don’t personally think this will go anywhere,” Jeffrey says. “I don’t see how they can both repeal the estate tax and get step-up in basis through the Senate,” he says, predicting that, “they’ll push a full repeal of the estate tax” and likely settle for an increase in the exemption amounts and maybe a lower rate.