Every indexed document

and portability. (ATRA increased the top transfer tax rate from 35% to 40%.) In

” which allows a surviving spouse to effectively “inherit” the deceased spouse’s unused AEA

and is indexed for inflation; the GST exemption equals the AEA).

the applicable exclusion amount (AEA) against gift

they wouldn’t be subject to additional tax if they had taken advantage of

the transfer tax provisions that were in

and would be fully phased in at $2 million of AGI

the FST would make up the difference. The

the alternative minimum tax and the new 3.8% surtax on net

the budget proposes the “Fair Share Tax” (FST)

because the proposal would apply to income that is taxed

but the basis adjustment for retirement accounts is an equitable

interest on education loans and certain higher education expenses. Because

contributions to health savings accounts and Archer

employer and employee contributions to employer-sponsored health insurance

charitable contributions and state and local taxes)

including ALL itemized deductions (these include deductions for

taxpayers with income that would be taxed at the 33%

most of which would apply (assuming Congress enacts them) as of

” which explains the tax provisions in the budget. Although most of