Obama attempts to tackle estate tax issuesBlog added by SarahB on January 26, 2009
SarahB

SarahB

Joined: November 06, 2006

Recent reports indicate that, if one of your clients were to die this year, the first $3.5 million of their estate is exempt from tax. Yet the estate tax is currently slated to disappear in 2010 and in 2011 the exemption will be only $1 million of each estate.

In response to this issue, President Barack Obama says he will strive for the estate tax to stay at $3.5 million next year.
 
Meanwhile, findings indicate that only one in 300 Americans who die next year will leave a federally taxable estate. This figure is juxtaposed with a figure of one in 43 in 1999, when the estate tax exemption was only $650,000, according to the Urban Institute-Brookings Tax Policy Center.
 
And, it is reported that those Americans with more than $3 point 5 million can now reduce their federal taxes by gifting to their heirs.
 
We have little time before the tax exemption is cleared for a year. What do you think should be done about the estate tax? What would be the most swift course for Obama and Congress?
The views expressed here are those of the author and not necessarily those of ProducersWEB.
Reprinting or reposting this article without prior consent of Producersweb.com is strictly prohibited.
If you have questions, please visit our terms and conditions
Post Blog