Actual Subhead: "If the tax cuts become law, the next two years will be the best in living memory for many wealthy Americans to shield their income and fortunes."
Actual Intro:
A bonanza of new and extended tax benefits could make it as easy as ever for the rich to stay that way.Exactly what I'd have hoped from a Democratic Congressional majority and a Democratic presidential administration: A climate that is extremely favorable for wealthy families.
Under legislation approved by the U.S. Senate on Wednesday, Dec. 15, and now moving on to the House, savvy wealthy Americans would be able to capitalize on an environment in which their tax rates on income and investments remain at historic lows. Also, new rules would make it possible to pass on fortunes to heirs with less fuss and lower taxes than all but a brief period of the past 80 years. It's a far cry from the 70 percent bite the federal government took out of the largest incomes and estates as recently as 1980.
"The climate we'll have after this legislation is extremely favorable for wealthy families," says Jeffrey Cooper, a professor at Quinnipiac University School of Law and a former estate planner who has studied the history of U.S. tax law.
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