By Jeramie Fortenberry, J.D., LL.M. (Taxation)
Executive Editor & Legal Education Faculty
In a surprising upset, Republican candidate Donald J. Trump defeated Secretary Hillary Rodham Clinton on November 8, 2016, to become President-elect of the United States. Republicans maintained a majority in the Senate and the House of Representatives, creating alignment between the White House and Congress and paving the way for Republican-backed legislation.
Given the emphasis on taxes by both the incumbent Republican leadership and President-elect Trump, significant tax reform is more likely now than it has been in recent years. Trump’s tax plan is largely aligned with the Tax Reform Task Force Blueprint created by House Republicans in June 2016. Both plans would eliminate the alternative minimum tax, simplify and lower income tax brackets, repeal the estate tax, and reduce taxes on businesses. Because the chances of passing legislation are more favorable when a President first takes office, and because much of the groundwork has already been laid, new tax legislation will probably be introduced early in Trump’s presidential term.
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ABOUT THE AUTHOR
Jeramie J. Fortenberry, J.D., LL.M. (Taxation) is a member of the Legal Education Faculty at WealthCounsel, LLC, and serves as the Executive Editor of WealthCounsel’s Business Docx drafting software. Jeramie is also an experienced practitioner in the areas of business formation and planning, taxation, estate planning, trust and estate taxation, and probate law. Before joining WealthCounsel’s staff, he advised companies and executives on a broad range of issues, including mergers and acquisitions, corporate, securities and commercial law, limited liability companies, and corporate governance. He has prepared hundreds of deeds for property transfers throughout the states of Mississippi, Alabama, and Florida. He has also worked with clients from across the United States with wills, trusts, probate, and gift and estate tax planning transfers