Impact of the Election on Current Transfer Tax Laws -
The results of the upcoming presidential and congressional elections may impact current transfer tax laws. From a policy and political standpoint, historically the income tax receives considerably more attention than the three transfer taxes (i.e., the estate tax, the gift tax, and the generation-skipping transfer (“GST”) tax), as the income tax affects more people and generates more revenue. However, due to COVID-19 and current budget deficits, it is more likely than ever that all types of federal taxes, including transfer taxes, will be evaluated and potentially legislatively changed in 2021.
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