• Planning for Largest Tax Increase in U.S. History
  • November 10, 2010 | Authors: Ronald I. Loeb; W. Jeff McGoff; Samantha R. Moore; John B. (Jack) Nichols; J. Paul Varner
  • Law Firms: Butler, Snow, O'Mara, Stevens & Cannada, PLLC - Ridgeland Office ; Butler, Snow, O'Mara, Stevens & Cannada, PLLC - Memphis Office ; Butler, Snow, O'Mara, Stevens & Cannada, PLLC - Ridgeland Office ; Butler, Snow, O'Mara, Stevens & Cannada, PLLC - Memphis Office ; Butler, Snow, O'Mara, Stevens & Cannada, PLLC - Ridgeland Office
  • Background: The 2001 and 2003 Tax Acts created the largest income tax and estate tax cuts in U.S. history. These tax cuts are set to expire at the end of this calendar year, which will trigger the largest tax increase in U.S. history effective as of January 1, 2011. Specifically, the income tax rates in effect in 2000, adjusted for inflation, will return as well as the estate tax regime as it existed prior to 2001.