EFTA Document EFTA01450700

taxes, and charitable contributions (the exemption phase-out and deduction limitation are colloquially known as PEP and Pease"). These changes, coupled with the new 3.8% tax on net investment income (see below), may mean an unhappy surprise for many taxpayers on April 15, 2014. when they pay their 2013 income tax liability. On the transfer tax front, ATRA also made permanent the $5 million basic exclusion against the gift and estate tax, along with "portability,' which effectively allows a s