Taxes No Longer So Certain
By FLOYD NORRIS
NYT
Death may still be certain, but taxes have never been less so.
United States taxes may soar next year, or they may not. The estates of some very wealthy people who die this year may save hundreds of millions in taxes, but those of merely wealthy people may leave their heirs in much worse shape than if the person had died last year. Or Congress could try to retroactively change that.
Taxes on corporate dividends are in line to soar next year, while those on long-term capital gains will rise, but less abruptly. Virtually everyone will pay higher income taxes if the law is not changed.
The current situation is absurd, a monument to George W. Bush’s determination to cut taxes by the maximum amount possible and to Congressional unwillingness to compromise either in 2001 or now.
(More here.)
NYT
Death may still be certain, but taxes have never been less so.
United States taxes may soar next year, or they may not. The estates of some very wealthy people who die this year may save hundreds of millions in taxes, but those of merely wealthy people may leave their heirs in much worse shape than if the person had died last year. Or Congress could try to retroactively change that.
Taxes on corporate dividends are in line to soar next year, while those on long-term capital gains will rise, but less abruptly. Virtually everyone will pay higher income taxes if the law is not changed.
The current situation is absurd, a monument to George W. Bush’s determination to cut taxes by the maximum amount possible and to Congressional unwillingness to compromise either in 2001 or now.
(More here.)
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