August 23, 2011 0 Comments ›› Anna McCauslin
As part of the tax deal struck at the end of 2010, Congress set the death tax at 35 percent with a $5 million exemption for 2011 and 2012. The death tax did not apply in 2010 because the 2001 and 2003 tax relief abolished the harmful tax. Even though the death tax is resurrected, the new rate and exemption levels represent a substantial improvement from where the death tax was in 2000 before the tax cuts: 60 percent with just a $1 million exemption. Despite the positive advances the death tax is back in place and therefore has resumed destroying jobs and slowing the economy. The new Congress should put an end to the death tax once and for all.
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