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I Need Information On Estate Tax? |
I call for examples on people who are affected by estate tax and people who are affected if there is no estate taxes. I also need sources
| Answer: From the author below: The Economic Growth and Tax Relief Reconciliation Act of 2001 (http://thomas.loc.gov/cgi-bin/bdquery/z? d107:HR01836:) provided for ten years of increasing exemptions from the estate tax. In 2005, the law exempts the first $1.5 million of an estate for an singular (or the first $3 million for married couples). The law includes a sunset clause for the estate tax to be restored in 2011. Currently, there is legislation in Congress that proposes making the full rescission |
Next year, unless Congress acts, the top return-tax rate will jump to 39.6%, while the top capital-gains rate will rise to 20%. The top rates on estate and bent taxes are