On January 27, 2017, President Trump signed an Executive Order that provided the following:
Suspends nonimmigrants (persons coming temporarily to the United States) from designated countries from entry to the United States for a period of up to ninety (90) days from the date of the order (January 27, 2017). At this time, the designated countries are Iran, Iraq, Libya, Somalia, Sudan, Syria, and Yemen. Additional countries may be added. This prohibition does not apply to foreign nationals traveling on diplomatic visas, NATO visas, and United Nations visas. It is unclear if the Executive Order applies only to (1) individuals who hold passports from the designated countries, or if it also applies to (2) foreign nationals who were born in the designated countries, but who are citizens of other, non-designated countries or who are dual nationals, or (3) whose parents were born or hold citizenship from the designated countries. However, according to the Wall Street Journal, the State Department will announce that dual nationals are subject to the ban. For example, a dual national of Iraq and the United Kingdom would be denied entry, even if the dual national travels on a UK passport.
Donald Trump is now the President, and both chambers of Congress are under Republican control. Thus, we appear to be poised for potentially substantial changes in the estate tax, gift tax, generation-skipping transfer tax, and income tax laws. However, as with all other aspects of political life in America today, it is impossible to predict at this time what ultimate changes will materialize. The only clear thing is the lack of clarity.
Is the Estate Tax History? First, there is the perpetual Republican promise, supported by the President, of “repealing” the estate tax. Last time the estate tax was “repealed” (in 2001), it really meant eight years of gradually increased exemptions and gradually decreased rates, followed by one year of repeal (2010), followed by the return of the estate tax with even greater exemptions and lower rates, which is where we are today. Will this happen again? Will the estate tax just disappear retroactive to 1/1/17 or perhaps on 1/1/18? Will deficit hawks decide that even the relatively tiny revenue generated by the estate tax is worth keeping to avoid a political fight with Democrats? (more…)