Bloomberg Businessweek reported today that as part of the Senate Budget Panel's $3.7 trillion spending plan, it is proposed that the Federal Estate Tax be reinstated at the 2009 exemption amount of $3.5 million per person, with a top rate of 45%. One difference between this proposal and the estate tax rules contained in the existing EGTRRA law is that, if approved, the new Estate Tax exemption would be indexed for inflation.
I think this is a reasonable exemption amount that provides certainty and protection for the vast majority of Americans; I hope it passes quickly.
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