The Estate Tax Is Dead (Maybe)
The federal estate tax, a tax imposed on assets left at death, now affects fewer than 2% of the nation's residents -- the wealthiest ones. And it's scheduled for full repeal in 2010. (Although, unless Congress votes to extend the repeal, the tax will come back in 2011.) Meanwhile, though, estate tax rates will go down and exemptions will go up. For deaths in 2007 and 2008, the estate tax affects only people who die leaving a taxable estate of more than $2 million.
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