We have covered the estate tax situation in a Forbes blog post that can be found here. The Net Investment Income Tax will also apply to undistributed business income of trust and estates with no threshold limitation. Proposals to increase individual income tax rates, and slightly compress the rate brackets were not included. Proposals to curtail or reduce the benefits of the Section 199(A) 20% income tax deduction for qualified business income. Estate tax planners can take a deep breath, but should keep their eyes open in case estate/gift tax changes are brought back into the negotiation table.

Source: Forbes October 29, 2021 19:31 UTC