The exemption from federal estate taxes has gradually increased over the years while the estate tax rate has gradually decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2015.
One of the primary estate planning concerns for most clients is estate taxes. Indeed, for most people, the main goal of their estate plan is to reduce or eliminate Texas estate tax, if at all possible. The federal estate tax rate is 40%, however, there is an estate tax exemption available. While Texas no longer [ ] The post Answers to Your Questions about the Estate Tax appeared first on Vermillion Law Firm LLC.
“Hillary Clinton Proposes 65% Top Rate for Estate Tax” blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.
~~Examiner Editorial: Fuzzy study provides grit for Obama attack ad :: Romney's tax plan calls for a 20 percent across-the-board reduction in federal income tax rates, the elimination of the inheritance tax and a repeal of the alternative minimum tax. He said his plan would be revenue-neutral, meaning that whatever money the U.S. Treasury would lose as a result of reducing tax rates would be recouped by economic growth and the elimination of various loopholes and deductions.
You should be fully aware of the potential impact of the federal estate tax when you are putting your estate plan together. This tax carries a 40 percent maximum rate, and this can cost your family a great deal of money if your estate is in taxable territory. To explain the estate tax parameters, we should provide a bit of background information. The estate tax was repealed entirely for the 2010 calendar year due to provisions that were contai
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