The Death of the "Death Tax" Unlikely
According to The Wall Street Journal, Congress and President-elect Obama are likely to move within the next month to make legislative revisions to the estate tax, which is often called the "death tax" by its opponents. In 2009, estates of up to $3.5 million are exempt from the tax, and estates above that amount are taxed at 45%. Instead of disappearing for the one year of 2010 under current law, the tax may be changed to lock in indefinitely the exemption at $3.5 million.
For additional information, please click here for the Journal's recent article, "Obama Plans to Keep Estate Tax."