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From: Jeffrey Epstein leevacation@gmail.com>
To: Jeffrey Epstein <jeevacation@gmail.com>
Subject:
Date: Thu, 10 Mar 2016 23:38:40 +0000
Inline-Images: 1MG_2469.JPG
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From: Ada Clapp <1
To: Jeffrey Epstein <jeevacation@gmail.com>
Subject: Fwd: Governor Cuomo Accepts Report Recommending Conforming New York Estate Tax
Threshold to Federal Threshold
Date: Wed, 11 Dec 2013 20:14:59 +0000
Ada Clapp
Black Family Partners
/
Management
New York NY 10019
phone
email:
IRS Circular 230 Disclosure:
Pursuant to IRS regulations, I inform you that any tax advice contained in this communication (including attachments) is not
intended or written to be used, and cannot be used by any person or entity for the purpose of (i) avoiding tax related penalties
imposed by any governmental tax authority, or (ii) promoting, marketing or recommending to another party any transaction or
matter discussed herein. I advise you to consult with an independent tax advisor on your particular tax circumstances.
This communication, and any attachment, is for the intended recipient(s) only and may contain information that is privileged,
confidential and/or proprietary If you are not the intended recipient, you are hereby notified that further dissemination of this
communication and its attachments is prohibited. Please delete all copies of this communication and its attachments and
notify me immediately that you have received them in error.
FYI
From: Klein, Sharon imailto:
Sent: Tuesday, December 10, 2013 5:25 PM
To: Klein, Sharon
Subject: Governor Cuomo Accepts Report Recommending Conforming New York Estate Tax Threshold to Federal
Threshold
Hi,
As I recently emailed, the New York State Tax Reform and Fairness Commission Report recommended raising
the estate tax threshold to $3 million, reinstituting the gift tax and closing the resident trust "loophole." The
Fairness Commission Report was sent to the New York State Tax Relief Commission (co-Chaired by H. Carl
McCall and Governor George Pataki) to review and provide recommendations for consideration in the
Governor's 2014 State of the State message.
Governor Cuomo announced today that he has accepted the Final Report of the New York State Tax Relief
Commission.
Recommendation to Link New York Estate Tax Exemption with Federal Exemption with Top Estate Tax
Rate of 10%
The Final Report recommends equalizing the state exemption threshold with the Federal level of $5.25 million,
with indexing. It also recommends lowering the top estate tax rate from its current rate of 16% to 10%.
It's an Incentive to Stay in New York
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According to the Final Report, the combination of an increase in the exemption to $5.25 million along with a
reduction in the top tax rate would exempt nearly 90 percent of all estates from the imposition of the estate tax,
protect family farms and small businesses and eliminate the incentive for middle-class and wealthy New Yorkers
to leave the State to avoid the tax. The Report acknowledges that many middle class households are subject to
New York's estate tax, while owing no federal estate tax. In addition, the Report states that there are concerns
that the current low exemption level may serve as a factor in taxpayer migration from New York to other states
(e.g., Florida) that do not impose an estate tax.
Gift Tax/Resident Trust Proposals Not Mentioned
The proposals in the Tax Reform and Fairness Commission Report regarding reinstituting the gift tax, closing the
resident trust "loophole" and eliminating the GST tax (all described in further detail in my email below), are not
mentioned in the Final Report.
A link to the Governor's press release is http://www.govemormy.gov/press/12102013-tax-relief-commission-
final-report. A link to the full Final Report is:
http://www.govemor.ny.gov/assets/documents/commission_report.pd C.
Please feel free to call me if you wish to discuss this further.
Best regards,
Sharon
Sharon L. Klein
Managing Director of Family Office Services
& Wealth Strategies