The exemption from federal estate taxes has gradually increased over the years while the estate tax rate has gradually decreased. Here you will find a chart that shows the increases in the exemption and decreases in the tax rate from 1997 through 2015.
“Hillary Clinton Proposes 65% Top Rate for Estate Tax” blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.
In the News While legislators have been considering modifying or eliminating the mortgage interest tax deduction, a Pew Charitable Trusts study shows the rate at which the deduction is claimed varies widely by region. In 2012, 34 million households claimed the deduction, costing the federal government $68 billion, according to congress’s Joint Committee on Taxation. The deduction is one of the most costly federal tax expenditures. While 22 percent of tax payers claim the deduction...
One of the primary estate planning concerns for most clients is estate taxes. Indeed, for most people, the main goal of their estate plan is to reduce or eliminate Texas estate tax, if at all possible. The federal estate tax rate is 40%, however, there is an estate tax exemption available. While Texas no longer [ ] The post Answers to Your Questions about the Estate Tax appeared first on Vermillion Law Firm LLC.
Some Last-minute Tax Reminders for Investors - With April approaching, many investors find themselves racing to meet tax deadlines. If you’re one of them, there are some important details to remember. Tax Deadline: While the Internal Revenue Service be
Now that Congress has passed a new law to avoid the fiscal cliff, the American Taxpayer Relief Act of we have a better picture of the marginal tax rates for 2013 ahead of the official announcement from the IRS.