Trump signs Executive Order intended to ‘strengthen the nation's cybersecurity'
Confident Investing Starts Here:
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fox News
14 minutes ago
- Fox News
Democrats frustrated over lack of a heads-up from Hakeem Jeffries on delaying Trump's spending bill
Democrats were flustered that they didn't get a heads-up that Minority Leader Hakeem Jeffries would delay President Donald Trump's "Big, Beautiful Bill" on Thursday with an hours-long speech on the House floor. "No one is upset Hakeem wanted to do this, but to not tell members, 'be prepared, book multiple flights, be flexible,'" a House Democrat told Axios, who was reportedly upset about the challenge of rebooking flights so close to the Fourth of July. Another House Democrat told Axios that a "heads up would have been nice." On Thursday afternoon, Jeffries beat the record for a House floor speech, speaking for eight hours and 44 minutes, starting before 4 a.m. and ending around 1:30 p.m. Jeffries went over the record previously held by former House Speaker Kevin McCarthy, R-Calif., which was eight hours and 32 minutes. During his remarks, the minority leader read from a binder that he said had stories of people who could lose their Medicaid coverage under Trump's spending bill that were compiled from constituents of states that have Republican lawmakers. "I think it's important for the American people to process… SNAP on average provides $6 per day," Jeffries said. "At the same time, Elon Musk, his federal contracts, as we understand it, amount to $8 million per day. Mr. Speaker, if Republicans were really serious about targeting waste, fraud and abuse in the United States of America, start there – $8 million per day, start right there." Trump's "Big, Beautiful Bill," which passed the House on Thursday afternoon after Jeffries yielded the floor and now awaits the president's signature, advances his border security measures and permanently extends the income tax brackets lowered by his 2017 Tax Cuts Jobs Act (TCJA).
Forbes
16 minutes ago
- Forbes
Estate Planning And The Final OBBBA: Key Changes High-Net-Worth Individuals Must Know
Senator Chuck Grassley, a Republican from Iowa, departs following a vote at the US Capitol in ... More Washington, DC, US, on Saturday, June 28, 2025. President Donald Trump's $4.5 trillion tax cut bill prevailed in a crucial Senate test vote, a sign that Republican leaders are resolving the infighting over portions of the legislation and moving toward meeting a July 4 deadline the president has set for passage. Photographer: Aaron Schwartz/Bloomberg The One Big Beautiful Bill Act (OBBBA), passed by the Senate on July 1, 2025, and approved by the House just in time for the July 4 deadline, solidifies significant tax reforms from the 2017 Tax Cuts and Jobs Act (TCJA). For high-net-worth families, collectors, and trustees, several crucial aspects stand out for estate planning: 1. Permanent, Inflation-Indexed Estate & Gift Tax Exemption The final bill permanently increases the unified federal estate and lifetime gift tax exemption to $15 million per individual ($30 million for married couples), indexed for inflation starting in 2026. This secures the elevated threshold, preventing a drop to approximately $7 million per individual, which was anticipated if the TCJA provisions expired. This stability allows ultra-high-net-worth individuals to accelerate lifetime gifting and fund dynasty trusts efficiently. 2. GST Tax Exemption Reinforced The generation-skipping transfer (GST) tax exemption is now aligned with the $15 million per individual exemption, also indexed for inflation. This paves the way for robust multi-generational planning through dynasty trusts and other strategic vehicles. 3. Trust Income Tax Brackets Made Permanent The OBBBA retains the TCJA-era tax brackets for trusts and estates, with annual inflation adjustments, offering trustees long-term predictability in managing irrevocable trusts. 4. No SALT Deduction Expansion for High-Net-Worth Households The legislation maintains the $10,000 cap on State and Local Tax (SALT) deductions, a move endorsed by Senate leadership. This decision means wealthy individuals in high-tax states must continue to focus on other tax planning strategies rather than relying on expanded SALT benefits. 5. Other Significant Changes Impacting Estate Planning Strategic Estate Planning Moves to Consider Act Now: No Sunset Provision The permanent, inflation-indexed $15 million exemptions mean there is no longer a sunset provision. Delaying estate planning is riskier as assets expected to appreciate, such as art and collectibles, should be transferred or trust-funded sooner rather than later. Dynastic Asset Transfers Utilizing elevated GST allocations, families can establish dynasty trusts designed to transfer wealth and cultural assets across generations with minimal tax implications. Art & Collectible Planning Gifting during one's lifetime with the $15 million exemption keeps value out of estates. Valuation oversight is critical, particularly for illiquid or unique items. Trust structures should be tailored for artwork governance, including role assignments and liquidity funding . Income Tax Predictability for Trusts With permanent TCJA income brackets, fiduciaries can confidently model trust income and distributions, aiding in managing trusts that hold income-producing assets. Avoid Relying on SALT Cap Changes Estate plans should not depend on expanded SALT deductions. Instead, focus on strategies like Grantor Retained Annuity Trusts (GRATs), Charitable Lead Annuity Trusts (CLATs), and donor-advised funds for tax-efficient wealth transfers in high-tax states. Conclusion: A Strategic Window of Opportunity The OBBBA provides unprecedented permanence in estate and gift exemptions, presenting a well-defined planning window for high-net-worth families and fiduciaries. Revise estate plans to capitalize on the $15 million-per-individual exemptions, initiate or expand dynasty trusts, strengthen governance of holdings, augment liquidity reserves, and diversify planning strategies. This is a generationally significant moment—strategic action now can preserve and protect multigenerational wealth when it matters most.
Washington Post
16 minutes ago
- Washington Post
Lawmakers split after House passes Trump's megabill
Politics Lawmakers split after House passes Trump's megabill July 3, 2025 | 8:18 PM GMT Lawmakers reacted to the House sending the massive tax and spending bill to the White House on July 3, a huge legislative victory for President Donald Trump.
