San Diego, CA (PRWEB) September 10, 2005
SaveWealth introduced a news story today on the impact Hurricane Katrina may have on permanent repeal of the estate tax.
With passage of the Economic Growth and Tax Relief Reconciliation Act of 2001, gradual elimination of the estate tax is scheduled to take place in 2010. However, the sunset provision of the law may allow estate taxes to come back with a vengeance. Starting in 2011, individuals with estates over $1 million may be forced to pay estate taxes, with some rates climbing upwards of 50%.
Legislation has been introduced in the House to repeal the estate tax permanently, with critics of the tax gaining momentum during summer recess. Senators returning from summer break were supposed to consider the legislation, but instead were forced to contend with the unprecendented devastation Hurricane Katrina brought to the South.
With damage estimates of well over $100 billion, mushrooming federal deficits, as well as a full legislative calendar, estate tax repeal may not happen this year if it happens at all.
To access SaveWealth's coverage on this issue, please visit: http://www.savewealth.com/news/2005/09/estatetax/
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