Blogs Derek's Tax Blog Cancelling the Repeal
We are now one week after the election. Speculation on the changes our new president will propose and ultimately get passed are everywhere. The article from Kiplinger’s is the first I have seen on the subject of the estate tax that seems to be coming from an inside source. In describing a bill that will be introduced in January or February the article states, “It will include tax cuts for the most Americans, with the aim of getting more money in people’s pockets quickly. Congress will pay for this tax relief by canceling the scheduled repeal of the estate tax. Instead of disappearing in 2010, the $3.5-million exemption and 45% maximum tax rate in effect for 2009 will be extended for at least a year. But the weak economy will delay Obama’s tax rate hikes on high-incomers until 2010 at the earliest.”
This is in line with my post yesterday. For a lighthearted look at the benefits of an estate tax cut, check this out.