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What You and Your Clients Need to Know about the 2024 Revenue Proposals
On March 9, 2023, the Biden administration released a proposed budget for fiscal year 2024 calling for an increase in federal spending along with a series of counterbalancing revenue raisers. The budget was outlined in a document called the "General Explanations of the Administration's FY2024 Revenue Proposals," otherwise known as the "Greenbook."
The Greenbook is a document created by the US Department of the Treasury to explain the revenue proposals in the President's budget. The Greenbook also serves as a guide to Congress for tax legislation by describing current laws, proposed changes to those laws, the rationale behind the proposed changes from a policy perspective, and US Department of the Treasury's revenue projections based upon the proposed changes.
Proposed Rules Regarding Retirement Plans
The Greenbook outlines proposals on several different topics. One proposal that could directly impact the future financial security of your clients is the proposal to prevent excessive accumulations of wealth by high-income taxpayers using tax-favored retirement accounts.
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Four Improvements the Administration Wants to Make Regarding Administration for Trusts and Decedents' Estates
There are several proposals in the Greenbook that are meant to help alleviate some of the complications that have arisen in estate and trust tax matters and simplify the process.
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Ways the Administration Wants to Modify the Tax Rules for Certain Trusts
Taxes are not just for individuals - they can impact certain types of trusts as well. Whether a trust pays its own taxes or whether the taxes are paid by the trust's beneficiaries or the trustmaker depends on several factors.
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MEREDITH | PC
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This newsletter is for informational purposes only and is not intended to be construed as written advice about a Federal tax matter. Readers should consult with their own professional advisors to evaluate or pursue tax, accounting, financial, or legal planning strategies.
You have received this newsletter because I believe you will find its content valuable. Please feel free to Contact Me if you have any questions about this or any matters relating to estate planning.