11/12/24 Afternoon CommStock Report – Election Outcome Takes the Pressure OFF

Had Kamala Harris won the presidential election… accountants, lawyers and financial planners would have been inundated with clients pushing the election into a mad rush, frantic to put together and execute financial transactions before the end of this year. There is a lot of relief that the election of DJT just bought them more time…at least another 4 years. Had the democrats won both branches of Congress and the White House, the 2017 tax cuts would have largely been repealed, capital gains taxes would have risen, estate tax liability exclusions and the individual gifting limit would have both been shrunk and the stepped-up basis would have likely been eliminated. The 2017 tax cut provision sunsets at the end of 2025 but democrats, had they gotten a mandate, would have likely pushed through a replacement earlier in the year with an unknown date that ended current favorable tax considerations. The safest thing to do was to get transactions completed yet this calendar year to avoid risk to potential changes in tax laws. There were lots and lots of folks that had transactions pending waiting on the outcome of the election before pulling the trigger. Now waiting until 2025 should be safe….