Tag Archives: estate tax

Unless you have been hiding under a rock, you’ve been hearing about the “fiscal cliff” and how our government waited until the very last minute to pass any meaningful legislation to avert us from this “cliff”.  What does this mean for the “average Joe”?  The bill addresses the Bush era tax rates, estate and gift tax rates and Medicare reimbursement, among other things. The
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New York Yankees owner George Steinbrenner is the fourth known U.S. billionaire to die during 2010, according to Forbes magazine. Why is this significant? Because there is no estate tax in 2010, meaning that the U.S. Treasury has lost billions in tax revenues unless Congress acts between now and the end of the year to reinstate the tax retroactively.
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