We are getting a glimpse of what our new federal estate tax system may look like. House Resolution 436 appears to be the Obama administration's approach to federal estate taxes.
I will report in more detail on this in the coming days, but here is a short summary of where we may be headed:
1. A permanent (somewhat) exemption of $3.5 million.
2. No portability between spouses.
3. A top estate tax bracket of 45%.
4. The elimination of discounts on non-operating assets.
Stay tuned, there will be more on this in the days ahead.
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