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Home » BLOG » Romney’s Estate and Investment Tax Proposals

Romney’s Estate and Investment Tax Proposals

October 3, 2012 by Stephen A. Mendel, Estate Planning Attorney

We have talked previously about the uncertainty concerning the estate tax at the end of 2012. It gets even more uncertain because it is a Presidential election year and the two candidates have different proposals on estate and investment taxes. Today, we will look at the Republican candidate’s proposals.

The biggest change under Romney’s tax plan is the complete elimination of the estate tax. He also proposes dramatic changes to investment tax rates. Under the Romney plan, anyone with an income greater than $200,000, would pay a rate of 15% on capital gains, dividends and interest income. Anyone with an income below that threshold would pay no taxes on investment income.

Romney’s plan appears to be great for those wishing to grow wealth and leave it to their families. However, there is an issue with Romney’s plan as he proposes to pay for tax cuts by eliminating credits and deductions. He has not said which ones he will eliminate. That could mean that some people actually have to pay more in income tax every year than they do now, depending on which credits and deductions are eliminated.

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Stephen A. Mendel, Estate Planning Attorney
Stephen A. Mendel, Estate Planning Attorney
Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.
Stephen A. Mendel, Estate Planning Attorney
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Filed Under: Tax Tagged With: estate tax

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About Stephen A. Mendel, Estate Planning Attorney

Mr. Stephen Mendel is an attorney who focuses a substantial part of his practice on estate planning. Mr. Mendel’s guiding principle is to provide his clients with quality legal services tailored to each client’s specific needs and goals.

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