AG- Senators propose Estate Tax revision

7/14/2010 8:56:00 PM
By: WJBC Staff

U.S. Senators Blanche Lincoln and Jon Kyl have developed an estate tax proposal that they hope to attach to a small-business lending bill that awaits Senate action. The proposal would gradually drop the top estate tax rate to 35-percent, set the per person exemption at $5 million and index it to inflation. A bill passed by the House last year would set the estate tax at a 45-percent top rate with a $3.5 million per person exemption. If Congress fails to take action - the estate tax will return January 1st at a top rate of 55-percent and a $1 million per person exemption.

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