The future of the Federal Estate Tax remains clouded.
We have been keeping our ear to the ground (actually we have been calling people and searching the Web for clues) to help our advisors predict what will happen with the Estate Tax.
As most of you know, under the 2001 Economic Growth and Tax Reconciliation Act, the Estate Tax is scheduled to be repealed. There will be no tax in 2010, and if lawmakers do nothing (please, no jokes), the Estate Tax would be back with a higher rate of 55 percent and an exemption of $1 million.
Rep. Earl Pomeroy (D – N.D.) , a senior member of the House Ways and Means Committee, was quoted on TheHill.com as saying it’s time to end the “hokey-pokey” Estate Tax code and provide continuity for planning.
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