The President's proposal to cut the amount exempted from federal estate tax from about $5 million to $3.5 million could double the number of estates exposed to tax. Result, a surge in the number of families needing tax-effecient estate plans.A few Democrats, including Senate Finance Committee Chairman Max Baucus, favor keeping the higher exemption. Which way do you think Congress will lean?
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3 comments:
Congress will jump off the cliff, so the $1 million exemption is on the way.
Well, yes, in theory. Do you really think the new Congress would deny estates of those dying between January 1 and January 19, or whatever, the $3.5-or-$5-million exemption it grants to decedents who manage to live just a little longer?
January 19? You really are an optimist.
I wonder if the forces for estate tax repeal might be rethinking their strategy of nibbling it to death. They might be better served by $1 million exemption that stokes the outrage of far more people, who then might well provide more ammo for outright repeal.
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