Wealthy Tax Lawyers Warn of 'Double Taxation' in Trump's Tax Bill
Tax lawyers have identified a potential double taxation issue for trusts and estates under the One Big Beautiful Bill Act. The deduction cap, outlined in a recent Joint Committee on Taxation document, could result in income being taxed at both the trust level and beneficiary level. This applies even to smaller trusts with as little as $16,000 in annual income.
Topics: estates tax law trusts wealth management