Death to the Death Tax?

Although the death tax is alive and well in the New Year, it may not be for much longer.  As of now, the death tax (or estate tax) yields a $5 million exemption and anything above that amount is taxed at a 40 percent rate. 

Proponents of the tax say it helps prevent consolidation of wealth in the hands of a few powerful families, but others see it differently.  With an incoming Republican-led House and Senate, opponents of the death tax are optimistic that legislation to repeal the tax will be reintroduced and subsequently approved.  “We’re hopeful that we can put enough pressure on this president through our family business owners and farmers to make him sign the bill,” says Palmer Schoening, chairman of the Family Business Coalition. 

See Chris Woodward, Will GOP-led Congress Kill the Death Tax, One News Now, Jan. 15, 2015.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.