Tax lawyers must never sleep!
In January, the President unfolded his new tax code. One of the provisions was that deductions for state and local taxes (SALT) became limited to a max of $10 thousand. This shifted some of the tax burden from Red states to Blue states, as Blue states normally have higher SALT. Therefore, Democrats lost more deductions than Republicans.
Already, tax lawyers have now devised NING trusts for “Nevada Incomplete gift Non-Grantor Trusts”. Skipping the considerable brain damage, it permits very wealthy sellers of businesses to skip the deduction limitation, avoid paying state and fiduciary income tax, as well as gift tax.
Yes, it is brilliant, even if it provides another example of what Americans hate about loopholes in the tax code. Maybe, tax lawyers should be required to take Ambien each night?