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Basic Estate Tax Law Changes from EGTRRA-2001
Staff Writers
For some doctors, estate taxes will decline under the Economic Growth and Tax Relief Reconciliation Act of 2001, and about 2% of all taxpayers will be able to bequeath more to their heirs on a tax-free basis, up to one million dollars.
The amount exempted from estate taxes rose to $1 million in 2002 and to $3.5 million by 2009. The estate tax will not expire completely until January 2010. After that, the estate tax repeal is scheduled to last only one year. Congress must then either repeal the tax by December 31st, 2010, or the tax will revert to present day rates.
Some economists opine that this is an accounting artifact designed to curb the cost of legislation.
The law also gradually reduced the estate and gift tax rates to 45%, from 55%, by 2007.
How will EGTRRA-2001 affect you going forward?
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Filed under: Taxation | Tagged: Estate Planning |
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