California Estate Planning Blog by Kevin Staker

July 29, 2010

Appears Likely Exemption Now Narrowed Down to $1,000,000 or $3,500,000

Filed under: estate tax,Kevin Staker,Other Kevin Staker Blogs — Kevin Staker @ 5:06 pm
Tags: ,

The Wall Street Journal and a number of other media outlets report Majority Leader Reid is not allowing the Kyl-Lincoln amendment to the Small Business bill.  He apparently opposes the amendment on its merits, a transition to a $5,000,000 exemption and only a 35 percent estate tax rate.

Hence, it now pretty clear that he is going to allow at most a $3,500,000 exemption with at least a 45 percent top rate.  The question then is is Mr. Reid going to stymie any attempt to change the post 2010 estate tax law and allow the $1,000,000 exemption and 55 percent top marginal rate to go into effect in 2011.

By Kevin Staker

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