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Let the drumroll begin . . . California now has the highest gas prices in the nation!
We even beat out Hawaii, a state that has to ship in their petroleum by boat, by a whopping 12 cents per gallon. Most of this increase is attributable to California’s gas tax that recently kicked in and increased taxes by 12 cents per gallon.
The IRS has just released the 2018 table of upcoming exemptions, limits and deductions.
As far as estate planners are concerned, the most interesting items involve the sizeable increase in the estate and gift tax exemption, which will now be $5.6 million per person (or $11.2 million per couple).
In addition, the annual gift tax exclusion amount, which has been stagnant at $14,000 per year since 2013, will now increase to $15,000.
On Monday, the California Supreme Court decided a key case that will likely ensure a dramatic increase in the number of tax ballot initiatives. For years, Proposition 13 and Proposition 218 have required that local governments could not increase taxes, fees or assessments for specific purposes (e.g., roads and parks) without the approval of two-thirds of the local voters.