All Posts Tagged With: "estate tax"

Repeal the Estate Tax

The headline on the front page of yesterday’s (Monday, January 12, 2009) Wall Street Journal read “Obama Plans to Keep Estate Tax”.  This is the opening salvo of President-Elect Obama’s tax hike and wealth redisribution plan.

In 2009, estates of less than $3.5 million per person and $7 million per couple are exempt from taxation.  The value of estates over that are taxed at 45%.  Under current tax law, signed by President Bush in 2001, there is no estate tax in 2010.  As I joke with my clients, if you’re going to die, do it in 2010, because under current law, in 2011 the estate tax reverts to Clinton-era levels–a $1 million exclusion, with the rest taxed at 55%.

Here’s why the estate tax, in …

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