I was just on a webinar regarding the expectations of Trumps first 6 months in August by the AALU. They fully expect there to be major tax reform done during the first 6 months in office. That includes a repeal of the estate tax.

Removing the estate tax only benefits the extremely wealthy (if you're married your estate is currently taxed on anything over ~$11 million). Obviously this is good for Trump and his friends and very bad in terms of tax revenue and reducing the deficit.

The thing I'm not hearing anyone talk about is the impact of wealth management firms. A large part of many companies book of business is estate planning (essentially helping the rich mitigate the tax liability as much as possible), if the estate tax is eliminated it could mean a big hit to the bottom line for that industry and people being laid off.

I'm not talking about the owners of these firms, they'll be fine, they're part of the wealthy elite who will benefit from the elimination of the estate tax. I'm taking about the secretaries and underwriters and account managers and financial analysts that could lose their jobs. It sucks.