November 7, 2012,
There are a lot of things one could say about the election results… but very few things that are worth saying.
One point that I absolutely must make is this– after December 31st,
- Income tax rates are going up
- Capital gains rates are going up
- Rates on dividends are going up
- Estate and gift tax exclusions are going down. Dramatically.
If you are a US taxpayer, you now have 53 days to get your tax affairs in order.
It is not too late to substantially reduce your lifetime tax liability, and I strongly recommend that you get in touch with your tax planner as soon as possible, in particular to make full use of your available exclusions.