Estate Tax Relief Takes a Back Seat
By Ken Berry
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• Wealth Management
The Senate proposal backed by President Obama would extend the Bush tax cuts through 2013 for 98 percent of households, while letting the tax reductions expire on individuals' income above $200,000 and married couples' income of more than $250,000. It's believed that Democrats will have the majority needed, by the slightest of margins, to pass the legislation in the Senate (although it's surely doomed in the House). But a handful of Senate Democrats, including Mark Pryor of Arkansas and Kay Hagan of North Carolina, had expressed reservations due to the estate tax provisions. Hence, they were booted from the bill.
- Opportunities Created by 2011-2012 Federal Estate Tax Patch
- New Tax Legislation Creates, Renews Many Breaks
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