Posted 2010-January-04, 15:24
Here's a list of the tax rates:
Year......Tax Exempt.......Gift Tax Credit....Max. Tax Rate
2002......$1 million..........$1 million...........50%
2003......$1 million..........$1 million...........49%
2004......$1.5 million.......$1 million............48%
2005......$1.5 million.......$1 million............47%
2006......$2 million..........$1 million...........46%
2007......$2 million..........$1 million...........45%
2008......$2 million..........$1 million...........45%
2009......$3.5 million.......$1 million............45%
2010......Tax Repeal......Tax Repeal......... 0%
2011......$1 million..........$1 million...........50%
2012......$1 million..........$1 million...........50%
2013......$1 million..........$1 million...........50%
In 2009, anything over 3.5 million was taxed at a 45% rate.
Supposedly, this year, the Estate Tax is completely repealed.
This means if you die this year, you pay absolutely no taxes, no matter what the estate is valued at. So if Warren Buffet, Bill Gates, or (insert filthy rich person name here) dies this year, as it stands right now they would pay absolutely nothing in taxes (this is my understanding of it, I could be mistaken).
Needless to say, it is expected that Congress will close this loophole sometime this year, and make it retroactive to the first of the year.
Then it kicks back in next year, but only the first million dollars is exempt and then it will be taxed at a the higher 50% rate.
Is the word "pass" not in your vocabulary?
So many experts, not enough X cards.
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