CPAs, lawyers and financial advisers are still trying to sort out the new law’s financial consequences for major life decisions, like when to marry, divorce, and die.
Let’s start with Love (which the Beatles assured us is all we need).
Ayn Rand devotees amongst the poors will be delighted to learn that The Marriage Penalty for couples making less than $600,000 combined is gone, so they can finally get hitched (unless they live in blue states, where married couples can only write off $10K Ameros, but each UNMARRIED person can also deduct $10K Ameros, so no marriage for Randians in NY, CA). So romantic!
“Marry me, Scarlett, we can finally stick it to Uncle Sam!”
But note, commitment-shy Randians: the individual tax rate ends at the end of 2026, so plan your divorces now!
“Marry me, Scarlett, until 2026, and we can finally stick it to Uncle Sam!”
Speaking of divorces, starting in 2019, divorced taxpayers can not deduct alimony and recipients of it no longer have to report it as income. You better find Judge Roy Moore’s jew lawyer!
And now onto DEATH:
The lifetime limit on gifts plus inheritances is going up to $11 million for individuals and $22 million for couples.
Be aware that YOUR CHILDREN ARE PLOTTING (anyone getting the Terry Pratchett homage?), Menendez brothers. Billionaire Boyz Club style.