Estate Tax extension part of deal struck in Washington, DC

Posted on December 7, 2010

Today’s Wall Street Journal on line edition reports that a two-year extension of the estate tax exemption, with limits raised to $5 million per person, has been agreed to by Congressional Republicans and the White House.  Finalization of the legislation and further details are pending.

The relevant paragraph in the story reads as follows:

“Under the agreement between the White House and congressional Republicans, the estate tax rate would be set at 35% for two years and would apply only to estates over $5 million. Under current law, the estate tax has lapsed for 2010 and is set to spring next year to 55%.”

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