Estate Tax Is Expiring, but Death Won’t Last
By CARL HULSE
NYT
WASHINGTON — A Congressional tax standoff has opened a window of opportunity for wealthy Americans determined to avoid paying up post-mortem.
With lawmakers unable to agree on a year-end fix for a quirk in the Bush-era tax cuts, the federal estate tax is set to be repealed for one year as of Jan. 1, meaning that those who suffer a timely death could escape the usual certainty of taxes.
“If you are at the checkout counter, you might want to expedite things,” said Representative Richard E. Neal, the Massachusetts Democrat who heads the House subcommittee on taxation.
While the tax is about to expire, it probably should not be buried just yet.
Democrats are vowing to resurrect it as soon as Congress returns in 2010. Even its most ardent foes acknowledge that some accommodation will have to be reached because the tax is now scheduled to rise from the grave, zombielike, with even more reach in 2011.
(More here.)
NYT
WASHINGTON — A Congressional tax standoff has opened a window of opportunity for wealthy Americans determined to avoid paying up post-mortem.
With lawmakers unable to agree on a year-end fix for a quirk in the Bush-era tax cuts, the federal estate tax is set to be repealed for one year as of Jan. 1, meaning that those who suffer a timely death could escape the usual certainty of taxes.
“If you are at the checkout counter, you might want to expedite things,” said Representative Richard E. Neal, the Massachusetts Democrat who heads the House subcommittee on taxation.
While the tax is about to expire, it probably should not be buried just yet.
Democrats are vowing to resurrect it as soon as Congress returns in 2010. Even its most ardent foes acknowledge that some accommodation will have to be reached because the tax is now scheduled to rise from the grave, zombielike, with even more reach in 2011.
(More here.)
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