From the article: Overview of Current Federal Estate Tax Laws
On December 17, 2010, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act into law. This law not only reinstated the federal estate tax for the entire 2010 tax year, but made sweeping changes to the rules governing estate taxes for 2011 and 2012. But here is the real kicker - this law is set to expire at the end of 2012. If this happens, then the current $5.12 million estate tax exemption will shrink to a mere $1 million, and the current 35% estate tax rate will jump from 35% to 55%. So what do you think, will Congress do anything with the estate tax in 2012 or not? Share Your Opinion
- NOT TO BE TOO SARCASTIC, BUT THEY ARE USUALLY TOO BUSY BEING NOT IN SESSION TO TAKE ACTION-- THEY WOULD ACTUALLY HAVE TO BE IN WASHINGTON IN SESSION TO TAKE ACTION.
- —Guest Allan
- I hope so, it makes it hard to do any estate planning when there are no long term rules in place.
depends on election
- If democrats are in control they will take action, never leave any money on the table!
- —Guest gail
small business owner
- Re-electing any of these self-serving democrats is like the captain of the Titanic backing up and hitting the iceberg again! Double taxation never bothers these people because they have insulated themselves from anything normal people have to deal with.
- —Guest Dona
- Folks will be clamoring for something to be done to preserve some of the tax breaks that are about expire and which would hurt the middle class. Moreover, Obama promised to fix the Estate deduction at $3.5 million and may be hard pressed to keep that promise.
- —Guest Ultima
- No, congress wii not fix estate tax before end of year. As usual they will kick the can down the road as long as they can
- —Guest C R Meyer
- Phil is right on target. This congress only cares about their reelection. Doing the right thing for the American people isn't on their radar screen.
- —Guest David Nachman
Are you kidding me?
- There is no way that Congress will take any action on the estate tax before the end of 2012, that is asking them to do way too much in a presidential election year.
- —Guest Phil