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Unintended Effects of the Federal Estate Tax Repeal Despite predictions that common sense would prevail, Congress allowed the federal estate tax to expire on January 1, 2010, creating massive confusion and unpredictability for millions of taxpayers. The New York estate tax, which taxes estates in excess of $1 million, remains in effect. The federal estate tax is scheduled to come back on January 1, 2011, with 2001’s higher rates (55%) and lower exemption ($1 million). Compounding the current uncertainty, Congress may very well pass legislation in 2010 that changes these amounts. Even President Obama’s 2011 budget proposal assumes that Congress will act during 2010, returning the estate tax to the 2009 rate (45%) and exemption amount ($3.5 million). Click here to read the full article. Prior results do not guarantee a similar outcome. |
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