Private Wealth Legislative Updates

Your source for information about how developments in Washington, D.C., are affecting the tax and investment landscape for high-net-worth individuals and families.

Wednesday, December 20, 2017

The Trump administration has proposed widespread changes to the tax and regulatory landscape, and many of these changes could directly affect high-net-worth investors. To help you stay informed about these changes and what they could mean for you and your family, we will be posting updates to this site as developments in Washington occur.

We are committed to helping you understand how legislative and regulatory changes could affect strategies related to estate and gift planning, income tax planning, portfolio management, and risk management.

Check back throughout the year for our analysis of the latest tax- and investment-related developments in Washington.

  • December 20, 2017Capitalizing on Tax Reform: Year-End Strategies and Long-Term Opportunities: The recently passed tax legislation doesn’t take effect until 2018, but it creates several planning opportunities for high-net-worth individuals to consider before the end of 2017.

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  • May 3, 2017White House outlines principles of tax reform plan: On April 26, the Trump administration unveiled what Treasury Secretary Steven Mnuchin described as the “core principles” of the president’s tax reform plan. In addition to significantly lowering taxes on large corporations and pass-through entities, the proposal includes several changes that would directly affect high-net-worth investors. These include reducing top income and capital gains rates, repealing the estate tax, and eliminating deductions for state and local taxes.

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  • April 4, 2017 – After ACA Repeal Attempt Stalls, GOP Shifts Focus to Tax Reform: On March 24, House Speaker Paul Ryan (R-Wisconsin) pulled the Republicans’ bill to repeal and replace the Affordable Care Act before it was brought to vote due to a lack of support among Republicans. While the defeat marked a major setback for the GOP, the White House and Republican leadership in Congress emphasized that they will continue their efforts to lower taxes on businesses and individuals as part of what would be the first comprehensive reform of U.S. tax laws since 1986. We examine what these developments mean for high-net-worth investors.

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  • March 3, 2017 – Trump Administration Begins Laying Out Legislative Priorities and Timeline: Treasury Secretary Steven Mnuchin’s confirmation and President Trump’s February 28 address to Congress have provided guidance about when and how the administration may address tax reform, replacing the Affordable Care Act, and other legislative priorities that could affect investors and financial markets.

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  • February 14, 2017 – Post-Election Tax Planning Considerations for Investors: President Donald Trump and Republican leadership in Congress have proposed widespread changes to income tax rates and brackets, capital gains rates, estate and gift taxes, corporate tax rates, and the taxation of income from S corps, LLCs, and other pass-through entities. We explain the similarities and differences of Trump’s and the House GOP’s plans, and identify what these changes could mean for high-net-worth investors’ tax, investment, and wealth-transfer strategies for 2017 and beyond.

    View our Post-Election Tax Planning Considerations for Investors

  • January 5, 2017 – 2017 Tax Reference Guide: Our annual guide lists the 2017 tax rates for ordinary income, capital gains, dividends, and wealth transfer, as well as the 2017 levels for income tax brackets, standard deductions, deduction phase-outs, the annual gift exclusion, estate and gift exemptions, contributions to qualified retirement accounts, and other amounts that frequently change from year-to-year. We will update this guide to reflect any new laws that are passed.

    View the 2017 Tax Reference Guide

Private Wealth Updates

William Blair produces educational and timely communications on a variety of wealth management topics of interest to individuals and families at all generational stages of life, philanthropic foundations, and not-for-profit organizations.

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