TAX ALERT 2016-5: THE 2016 ELECTION: TAX CHANGES EXPECTED planning. It is our view that due to fiscal and political pressure to keep future budget deficits in check and the narrow corridor which could result in the passage of a major tax bill (Reconciliation), we expect the tax bill to be closer to the House Republicans’ Plan than the Trump Plan and perhaps narrower in scope. When more information is available, we expect to issue a more detailed Tax Alert. — National Wealth Planning Strategies IMPORTANT: This publication is designed to provide general information about ideas and strategies. It is for discussion purposes only since the availability and effectiveness of any strategy are dependent upon your individual facts and circumstances. Clients should always consult with their independent attorney, tax advisor, investment manager, and insurance agent for final recommendations and before changing or implementing any financial, tax, or estate planning strategy. Neither U.S. Trust nor any of its affiliates or advisors provide legal, tax or accounting advice. Clients should consult with their legal and/or tax advisors before making any financial decisions. U.S. Trust operates through Bank of America, N.A., and other subsidiaries of Bank of America Corporation. Bank of America, N.A., Member FDIC. © 2016 Bank of America Corporation. All rights reserved. | NWPSElection | Dec 2016 5 HOUSE_OVERSIGHT_014522