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Election Re-Cap, Lame Duck Initiatives, and 2025 Expectations

The 2024 elections marked a decisive shift in the American political landscape. Republicans achieved a sweeping victory, reclaiming the White House, securing a Senate majority, and maintaining their hold in the House of Representatives. This outcome has set the stage for significant legislative and governmental functional changes in 2025, as the GOP aims to advance its policy agenda while managing the complexities of governing with a unified government. Republican Election Sweep The 2024 election results reflected widespread dissatisfaction with the status quo, with voters signaling a demand for a clear change in direction. The Republican Party capitalized on economic uncertainties, public concerns about [...]

Election Re-Cap, Lame Duck Initiatives, and 2025 Expectations2024-12-02T20:21:58+00:00

The perfect fiscal policy storm of 2025

What advisors and investors need to know about 2025. Jeff shares his thoughts on the “perfect fiscal policy storm” looming next year.

The perfect fiscal policy storm of 20252024-10-24T23:22:55+00:00

Advisor Campaign Donors Tilt Toward Trump

Putting your money where your mouth is… Jeff comments for a WealthManagement.com article on how financial advisors are contributing to the 2024 POTUS campaigns.

Advisor Campaign Donors Tilt Toward Trump2024-10-08T16:00:28+00:00

IRS to Crack Down on Tax-Dodging Asset Shifts

Jeff comments on IRS’s crackdown on basis-shifting. Basis-shifting strictly to avoid taxation and re-depreciation is not allowed, and the IRS is looking for it after discovering significant abuse while auditing partnerships.

IRS to Crack Down on Tax-Dodging Asset Shifts2024-06-20T15:47:41+00:00

TCJA Expiration Unthinkable? Think Again

From a tax philosophy perspective, the 2024 election sets the course of the country’s taxation for the next decade. 2025 is a big year for tax reform.   At the end of the year, barring any tax reform legislation, The Tax Cuts and Jobs Act (TCJA) of 2017 will expire as if it never existed, except for the lower corporate rates of 21%.  The TCJA’s lower corporate rate is permanent until changed by a future Congress.  In this scenario, Washington does not agree on tax reform next year, and we would return to the 2017 tax code with the limits indexed for inflation. It [...]

TCJA Expiration Unthinkable? Think Again2024-12-02T18:42:57+00:00

New Bill Halves Estate Tax

House member Jodey Arrington, R-Texas, outlines his plan for estate tax reform. Jeff offers his perspective to ThinkAdvisor.

New Bill Halves Estate Tax2024-05-02T16:26:44+00:00

House Panel Advances Tax Bill With 100% Bonus Depreciation

The House Ways and Means Committee passed by a 40-3 vote Friday new bipartisan legislation, the Tax Relief for American Families and Workers Act of 2024, which includes 100% bonus depreciation as well as research and development expensing and also expands the Child Tax Credit. The bill now moves to the House floor.

House Panel Advances Tax Bill With 100% Bonus Depreciation2024-01-23T19:27:57+00:00

Dems’ revive billionaire tax proposal

Jeff comments for ThinkAdvisor on the revived proposal to tax billionaires and filers earning over $100 million annually. There is no chance of passing in this legislative cycle. The Supreme Court and the 2024 election outcomes will decide its fate.

Dems’ revive billionaire tax proposal2023-11-30T21:42:24+00:00

Dealing With the Debt Ceiling, Redux

Janet Yellen suggested that the US could default as soon as June 1st, 2023, if Congress does not raise the debt ceiling by that date. The debt ceiling sets the limit on how much money the US Government may borrow. If Congress does not increase the debt ceiling, the US, unable to borrow, cannot pay interest on the national debt and risks going into default.

Dealing With the Debt Ceiling, Redux2023-05-22T19:44:07+00:00

SECURE Act 2.0 included in Omnibus

Jeff comments for ThinkAdvisor re the inclusion of some interesting planning opportunities for advisors & clients in SECURE Act 2.0

SECURE Act 2.0 included in Omnibus2022-12-21T16:03:19+00:00

Wealth Transfer Under the Biden Tax Plan

President Joe Biden is proposing to eliminate “stepped-up basis” on property transferred at death.  Under his plan, unrealized appreciation would be subject to capital gains tax at the time an asset is transferred by gift or bequest. This white paper considers the implications of a repeal of stepped-up basis, as well as other changes Congress might make to the gift and estate tax regime.  The paper also sets out potential planning strategies for investors to consider to blunt the effects of the new rules.

Wealth Transfer Under the Biden Tax Plan2022-12-28T19:46:27+00:00

The Coronavirus Legislation: An Overview

Congress has enacted three pieces of legislation aimed at helping individuals afflicted by the coronavirus and providing fiscal stimulus to restart an economy that has been devastated by the virus’s effects. The legislation has wide-ranging consequences for individuals, businesses, and the economy. This white paper summarizes the major provisions of the the legislation. It also summarizes the actions taken by the Federal Reserve to support the economy. Finally, the paper sets out some provisions that might be included in a forthcoming fourth piece of legislation.

The Coronavirus Legislation: An Overview2020-04-15T17:04:41+00:00

The House Considers Impeachment: Where Do We Go From Here?

A new potential contributor to market volatility is the recently announced House inquiry into whether there are grounds to bring articles of impeachment against President Trump. This white paper considers the paths the impeachment inquiry might take. It reviews the alleged facts, discusses how the House and Senate deliberations might proceed, and considers how the ancillary consequences of the inquiry, as well as the inquiry itself, could affect the markets.

The House Considers Impeachment: Where Do We Go From Here?2019-10-02T01:26:31+00:00

A Laid-Back Summer in Washington? What to Watch For

Summer is a time to kick back and put the year’s bustle on hold. But summer inactivity doesn’t bode well in Washington when there are deadlines to meet and matters to address. As the summer commences, two percolating issues should hold investors’ attention. This white paper discusses those issues and their likely market effects.

A Laid-Back Summer in Washington? What to Watch For2019-08-30T17:53:51+00:00

Human Capital

Andy considers how the resignation of Labor Secretary Acosta could affect the fiduciary rule.

Human Capital2019-07-18T17:09:05+00:00

A Laid-Back Summer in Washington? What to Watch For

Summer is a time to kick back and put the year’s bustle on hold. But summer inactivity doesn’t bode well in Washington when there are deadlines to meet and matters to address. As the summer commences, two percolating issues should hold investors’ attention. This white paper discusses those issues and their likely market effects.

A Laid-Back Summer in Washington? What to Watch For2019-07-05T12:15:24+00:00

Tax Reform Aftermath: Pass-through Business Tax Update

Our last tax update, Tax Reform Aftermath: New Guidance for Investors, discussed in part the steps small business owners might take to claim and maximize the 20% deduction afforded by the Tax Cuts and Jobs Act.  Since we wrote that paper, the IRS has clarified the application of the provisions that govern these strategies. This white paper explains how owners of businesses organized as pass-through entities should take the new guidance into account in their tax planning.

Tax Reform Aftermath: Pass-through Business Tax Update2019-04-16T07:21:22+00:00

Tax Reform Aftermath: New Guidance For Investors

Since Congress passed the sweeping Tax Cuts and Jobs Act at the end of 2017, the IRS has issued substantial guidance interpreting portions of the Act. Much of this guidance favors investors by softening limitations and disallowances that the Act imposes. This white paper, Tax Reform Aftermath: New Guidance for Investors, reviews this guidance and provides helpful strategies investors may consider in filing their 2018 returns in April and beginning their tax planning for 2019.

Tax Reform Aftermath: New Guidance For Investors2019-03-20T16:36:53+00:00

Scaling Back the Affordable Care Act

Since the election of President Trump and the Republican-controlled Congress in 2016, the legislature, the courts, and the administration have taken actions and issued guidance in an effort to curtail the scope of the Affordable Care Act (“ACA”). The actions and guidance have been sporadic, making it difficult to determine their interrelation and import. This white paper describes and explains the confusing array of incentives and payments that the ACA contemplates. It goes on to discuss the effect and interaction of government efforts to reduce these payments and to scale back the scope of the law.

Scaling Back the Affordable Care Act2019-03-07T11:19:32+00:00

Why A Wealth Tax Has No Chance

Speaking at the Investment & Wealth Institute's annual Investment Advisor conference, Andy Friedman discusses the future direction of tax rates and why it would be difficult to implement an annual tax on wealth.

Why A Wealth Tax Has No Chance2019-02-13T21:09:32+00:00

Maxine Waters to Keep ‘Watchful Eye’ on Regulators

Andy Friedman discusses the matters Maxine Waters will investigate as the new Chair of the House Financial Services Committee, and the likely market effects of the investigations.

Maxine Waters to Keep ‘Watchful Eye’ on Regulators2019-01-24T13:12:38+00:00

Congress Returns as the Election Looms

Congress returns for its fall session with a number of items on its plate. First up is the usual fall wrangle, funding the government to avoid a shutdown. But other items are new and could have far-reaching effects for investors, including a bipartisan threat to “stretch IRAs”. This white paper considers the risk of a government shutdown, and goes on to review and provide a prognosis for the other items Congress is likely to consider this fall, including “Tax Reform 2.0”.

Congress Returns as the Election Looms2018-09-18T15:15:25+00:00

The 2018 Midterm Elections: Context and Cross Currents

The different and constantly changing polls make it difficult at this point to reach a definitive conclusion regarding the midterm election results. Moreover, future events – particularly those occurring in late October and November – almost certainly will have an outsized influence on the outcome. But even now we can consult certain metrics to determine which party heads into the election with tailwinds, and which party is likely to have to overcome headwinds to win. This white paper examines these cross currents.

The 2018 Midterm Elections: Context and Cross Currents2018-07-05T16:38:59+00:00

Managing Deductions and Expenses Under The Tax Cut and Jobs Act of 2017

The new deduction rules of the Tax Cut and Jobs Act offer a significant, as yet uncharted opportunity for tax and financial planning. Some of these planning opportunities stand formerly conventional wisdom on its head by making it unwise for taxpayers to incur expenses that qualify as itemized deductions – even under the more restrictive rules of the Act. This white paper addresses the interplay of the Act’s new rules for tax deductions. We provide a framework to help taxpayers determine whether to incur deductible expenses and some planning opportunities to maximize the tax benefits these deductions can provide.

Managing Deductions and Expenses Under The Tax Cut and Jobs Act of 20172018-03-09T12:09:51+00:00

Tax Reform Accomplished: How Does the Legislation Affect Investors and Businesses?

As 2017 drew to a close, Congress passed the Tax Cuts and Jobs Act, tax reform legislation that made sweeping changes to the Internal Revenue Code.  When Congress last reformed the tax code in 1986, the legislative process took over two years.  This time Congress accomplished the same feat in two months.  This white paper discusses the portions of the Tax Cuts and Jobs Act that are of particular importance to business owners, investors, and financial advisors.  We point out situations that are likely to fare better and those likely to fare worse under the legislation.  At the end, we present a chart of “winners and losers” that takes into account these individual situations.  The chart also shows business and economic sectors particularly likely to be affected by these tax changes, thereby potentially altering their equity valuations.

Tax Reform Accomplished: How Does the Legislation Affect Investors and Businesses?2018-01-23T09:24:12+00:00

GOP Releases Final Tax Cut Bill

Legislators ‘kept virtually the entire corporate cut and made sure it starts next year,’ says Andy Friedman of The Washington Update

GOP Releases Final Tax Cut Bill2017-12-19T13:27:15+00:00

A New Administration in Washington: How Will Trump’s Policies Affect Taxes, Investments, and the Markets?

President Trump's initiatives promise to have far ranging effects on taxes, health care, sector regulation, government spending, and the country's fiscal situation. This paper lays out the initiatives we expect Trump to pursue during his first year in office. We consider the extent to which Trump can expect support from the Republican-led Congress and the impediments that nonetheless may stand in the way. And, finally, we discuss how the new administration's programs are likely to affect the economy, industry sectors, tax planning, investments, and the markets.

A New Administration in Washington: How Will Trump’s Policies Affect Taxes, Investments, and the Markets?2017-01-13T11:42:59+00:00

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