Good analysis at Bloomberg.com on the status of the estate tax. Speaks of how none of the alternatives currently has the 60 votes needed. Hence, I believe confirms my opinion nothing will happen. Hence, likely we will at least start 2011 with an estate tax with only a $1 million exemption. A good quote:
The federal levy on estates is set to increase the most of all as tax cuts expire Jan. 1, jumping from zero to 55 percent for fortunes worth more than $1 million at death. President Barack Obama and Democrats in Congress barely mention it as they spar with Republicans over whether to keep income-tax reductions for top earners.
By Kevin Staker
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