Tax
Dec. 14, 2010
Shock and Awe: Obama’s Concession on Estate Taxes
President Barack Obama's shocking concession on estate tax will likely have little impact in practice. By Bruce Givner and Owen Kaye of Givner & Kaye.
On Dec. 6, 2010, President Barack Obama shocked Senate Majority Leader Harry Reid and the estate planning community by announcing his agreement to a temporary reduction in the estate tax rate to 35 percent and increase in the exemption to $5 million. No details are yet available. However, we can speculate about the likelihood that his concession will become law and the impact on planning.
On Sept. 13, 2010, Sen. Mitch McCon...
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