Estate Tax May Stay At '09 Levels ARTHUR D. POSTAL 4/29/2009
WASHINGTON -- Democrats have included an estate tax freeze provision in a 5-year budget proposal.
The provision would freeze the estate tax at the 2009 level, with a $3.5 million per-person exemption, and a 45% maximum tax rate that would be indexed for inflation.
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Democrats say Congress will handle the estate tax provision using the streamlined budget reconciliation process.
The estate tax provision in the budget proposal also would reunify the estate and gift taxes for the first time since the Bush administration tax cuts were enacted in 2001, and also it would provide for "portability."
This means that a couple would not have to create a trust for the estate of the "second-to-die" in a family to deduct the entire $7 million exemption.
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AALU is "encouraged that lawmakers are now focusing on the planning simplification features associated with reform, rather than just the rate and exemption levels."
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Question...what are they indexing for inflation the 3.5 Million amount or the 45% tax...I would assume the exemption limit but the way the article is worded and the fact that the dems are in charge make me wonder if they will index the max tax by inflation
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Peter G Langelier
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Estate Tax: Baucus
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