The question has often been asked whether Congress can enact retroactive tax legislation, in effect “setting back the clock” and making a law effective as if it had been enacted at an earlier point in time. The topic takes on special importance today as the Biden Administration is considering a vast magnitude of tax increases. Taxpayers … Continue reading New Tax Laws on the Way…. Can They be Retroactive?
Tag: retroactive tax law
Estate Taxes Going Up – Is There Still a Golden Gifting Opportunity?
Janet Yellen, the former Federal Reserve chairperson is now the new US Secretary of the Treasury. She has staunchly defended President Biden's plan to reduce the estate-tax exemption amount from the current US$11.5 million to US$3.5 million, as well as to increase the top estate tax rate from 40% to 45%. In responding to criticism … Continue reading Estate Taxes Going Up – Is There Still a Golden Gifting Opportunity?