Tuesday, May 18, 2010

Senate Minority Whip Jon Kyl: Senate deal off on estate tax

It seems the estate tax proposal forged last week between Senate Democrats and Republicans has fallen apart. Though the proposals details were not disclosed, sources say that lawmakers were looking to give taxpayers the option of prepaying their estate tax. The levy would be set at 35 percent for those worth more than $3.5 million. However, the exemption would ultimately increase over time to $5 million and wouldn't be indexed for inflation. Prepayment trusts would pay a lower rate. Stay tuned as this matter continues to churn in Washington.

Posted via web from The Modern Planner

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