The question remains for Congress, will the estate tax rise from the dead this coming January?
Of course those with more than $1 million of assets are hoping not, but so should the rest of Americans.
Why? Combining your home, retirement accounts, savings and other assets, $1 million doesn’t seem like such a big number anymore. Now, imagine Uncle Sam taking 55 percent of everything you have over the $1 million mark when you die. That could be disastrous for your heirs who might be trying to hold onto your family home, business or farm.
That’s exactly what’s going to happen if the estate tax is reinstated to its 2001 level. Because of a disorganized Democrat-run Congress in 2009, the estate tax was repealed for 2010, but come Jan. 1, 2011, like the rest of the 2001 and 2003 tax cuts, the estate tax might be increasing back to a 55 percent tax rate for the value of your estate exceeding $1 million.
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