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Estate Tax 2011

Estate Tax 2011 - Congressional Republicans have negotiated a pretty good deal with President Obama on the Bush tax cuts. Here’s the gist of it:

The Bush tax cuts are extended two years for all income levels. That brings us to 2013, when a new president could conceivably sign legislation to make the tax cuts permanent.

The estate tax will return in 2011 as scheduled, after gradually dwindling to its current rate of zero percent. But at least in 2011, it will only be 35 percent, not 55 percent, and the first 5 million of an estate’s value will be exempt. That’s not perfect, but it’s a lot better than what we going to happen.

In return, the Republicans don’t oppose another 13-week extension in unemployment benefits. I hate this as policy, but it’s not a bad concession as part of the larger deal because chances are it would have happened anyway.

Now, what do you make of this quote from Obama, who opposed extending the tax cut for “the rich” but wanted it for the so-called middle class? “Make no mistake, allowing taxes to go up on all Americans would have raised taxes by $3,000 for a typical American family and that could cost our economy well over a million jobs.”

Estate Tax 2011
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