The PMI, which tracks manufacturing production, orders, employment, and inventories, is considered a leading economic indicator. Manufacturing contractions have often preceded economic recessions, but the structure of our economy has changed with services carrying much greater weight.
Useful income tax rate charts for individuals, trusts, and estate planning purposes for 2019. View the charts here.
Welcome to our first issue of Fairman Group Perspectives, our enewsletter focused on sharing timely financial planning insights. In this edition we highlight how geopolitical tensions may impact oil prices and the economy, tips for protecting your identity, the IRS annual list of tax scams, the need to review withholding, and estate tax changes.
The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) was a sweeping piece of legislation that significantly changed the federal gift and estate tax and the GST tax for the years 2001 through 2010. The maximum tax rates gradually decreased from 55% to 45% (35% for gift tax) and the exclusions/exemptions gradually increased from $675,000 to $3.5 million ($1 million for gift tax). The provisions of EGTRRA repealed the estate and GST taxes (but not the gift tax) for 2010; then, for 2011, EGTRRA provisions expired, effectively reinstating the tax rules that were in effect prior to 2001.
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