The House of Representatives is putting forth a new tax plan that will likely increase taxes on both corporations as well as higher-income earners. An article on Rueters.com1 states the current proposal is to increase corporate tax rates from 21% to 26.5%, and to increase the highest personal tax bracket from 37% to 39.6%. It would also increase the Capital Gains Tax for single filers making above $400,000 and joint filers making above $450,000 from 20% to 25%. Luckily (for the time being), it looks like the step-up in cost basis to the owner’s date of death will remain in place. It also appears that the Estate Tax will likely stay intact at $11.7 million, which can be doubled through some moderately advanced estate planning.