Where is the Bush Tax Legislation?
April 15, 2001HR 8 has passed the house and is being considered in te Senate. Estate Tax Reform is following income tax reform in the Senate.
Highlights of prop[osed estate tax reform is:
- Reduction of rates from now throutgh 2011 when the rates go to zeror.
- The same exemption amounts remain in effect as are in effect now:
2001 $675,000
2002 $700,000
2003 $700,000
2004 $850,000
2005 $950,000
2006 $1,000,000 - The benefits from relief of capiutal gains tax are reduced. The legislation reduces and gradually eliminates federal estate tax and increases the impact of capital gais tax at death.
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