chanel
Silver Member
My curiosity is piqued. Do you have a link?
I'm not pretending to understand this, but I may be calling an estate lawyer next week.
Yeah, but in the previous link the WSJ says that if congress doesn't do anything, then the estate tax goes away.
Elimination of the levy on big inheritances was approved by Congress under President George W. Bush in 2001, with rollbacks phased in slowly and its full elimination slated to take effect next year.
Lawrence Summers, President Obama's chief economic adviser, declared recently that "Let's be very clear: There are no, no tax increases this year. There are no, no tax increases next year." Oh yes, yes, there are. The President's budget calls for the largest increase in the death tax in U.S. history in 2010.
The announcement of this tax increase is buried in footnote 1 on page 127 of the President's budget. That note reads: "The estate tax is maintained at its 2009 parameters." This means the death tax won't fall to zero next year as scheduled under current law, but estates will be taxed instead at up to 45%, with an exemption level of $3.5 million (or $7 million for a couple). Better not plan on dying next year after all.
Barack Obama's Budget Quietly Resurrects the Death Tax for 2010 - WSJ.com