December 13, 2012

Baltimore Sun quotes Jeff Gonya on last minute fiscal cliff work

1 min

Venable partner Jeff Gonya was quoted in the Baltimore Sun on December 12, 2012 about pending tax increases and spending cuts to all government programs known as the fiscal cliff. The tax increases and spending cuts are set to take effect in January if Congress and the White House cannot reach a deal over taxes and spending.

Across the country, estate attorneys are putting in long hours to finalize trusts for clients. For the past month, Gonya said he has been working about 15 hours a day on last minutes matters adding, “I took Thanksgiving off. That's about it.” Offering his analysis on the end result of the fiscal cliff negotiations, Gonya said he thinks the country will go over the cliff but shortly afterward, sometime in January or February, “lawmakers will settle on a $3.5 million exemption with a top tax rate of 45 percent.”