Posted by: swansondumler | September 21, 2010

Bush Tax Cuts Still in Limbo

As of September 21, 2010, we still don’t know what will happen to the Bush tax cuts that are set to expire at the end of this year.  Most people and politicians are focusing on the income tax rates, and often forget that the estate tax is included in the tax reform package from 2001.  If Congress does nothing and allows the tax cuts to expire, the estate tax law from 2000 will automatically be reinstated as of January 1, 2011, with an exemption from tax of $1 million and a top tax rate of 55%.  Here’s hoping that Congress will at least raise the exemption to $3.5 million, as it was in 2009.


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