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Comprehensive tax reform, Obamacare repeal, and rebuilding the nation's infrastructure will get the most attention from President-elect Donald Trump and the Republican-controlled Congress, according to lawmakers, tax staffers, and lobbyists, who suggested the GOP could use budget reconciliation to clear a path in the Senate.
In response to a closed National Foreign Trade Council meeting, Tax Analysts editor in chief Cara Griffith calls on U.S. government officials to allow press access to meetings to foster an open, informed debate of tax issues.
Three pages of Donald Trump's state tax returns from 1995 obtained by The New York Times reveal he reported a $916 million loss for his federal AGI, leading to speculation about his real estate dealings and the possibility that he could have used net operating losses to significantly reduce or eliminate his income tax liability in subsequent years.
In news analysis, Lee A. Sheppard says that The New York Times' disclosure of Donald Trump's 1995 New York state income tax return suggests that he might have used a common setup involving debt forgiveness and S corporation rules to enable use of unused net operating losses to shield himself from taxes for a long time.
Someone with a sophisticated understanding of tax law very specifically picked Donald Trump's 1995 state tax returns to send to The New York Times, succeeding not only in making a political point easily grasped by the public but quite possibly in shaping federal tax reform next year.
Thanks to presidential campaign threats to repeal or expand the estate tax as well as a flurry of recent and pending regulatory updates, estate tax practitioners are facing volatile times -- though a look at filing numbers indicates that's been partly the case for the past 10 or so years.