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For the latter, there was a permanent reduction in the corporate tax rate to 21%.
For individuals, the changes were a bit more nuanced and temporary.
This was more than double the previous amount.
Its also adjusted every year for inflation.
Its too soon to say with certainty what will happen with thefederal estate taxgoing forward.
It ultimately depends on the results of the presidential election and what lawmakers do to address it if anything.
That said, these are the possible estate tax changes andhow they might affect wealthy families.
However, its also possible that Congress will extend the current federalestate tax exemptionbeyond its original timeline.
Given the exemption is inflation-adjusted, it could continue to increase each year as it already has.
Barring a modification or extension, another possibility is to simply eliminate federal estate tax.
Without bipartisan support, however, a total repeal is unlikely.
Take theAmerican Housing and Economic Mobility Act of 2024as an example.
This bill introduces multiple proposals related to federal gift and estate taxes.
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