Late Monday, December 6, 2010 the White House and Republican Leadership reached an agreement on tax policy for 2010-2012. What does it mean?
It could mean nothing and it could be historic. Nothing has passed Congress yet, and the Democratic leadership reacted negatively to the proposal.
On estate taxes it would mean a new $5 million exemption against the federal estate tax with a rate of 35%. That would be truly historic if it happens.
Up in the air at the time of this writing is exactly what the rules would be for people dying in 2010.
All I can say right now is stay tuned!
Sad news as the President's own party has rebelled against him and voted to reject the President's tax plan:
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