2010: The Best Year To Die Rich

Author:
Publish date:

The weirdest thing about the estate tax repeal and resurrection is that the combined effect of the temporary repeal passed in 2001 and the legislation approved by the House today is that we’ll have one year—2010—with no estate taxes at all. The 2001 reforms phase out the tax through 2010, when the tax is reduced to zero.
That phase out, however, is temporary, and without today’s legislation the pre-phase out tax was scheduled to rear-up again in 2011. Congress today voted to restart the tax in 2011 with lower rates and have it only hit wealthier estates, but they’ve kept the current structure which makes 2010 a very good year to die rich if want your heirs rather than the government to get your assets.

House Approves Legislation That Limits Reach of U.S. Estate Tax
[Bloomberg]

Related