Quote:
Originally Posted by Marvelous Marv
If this is as you say, it's certainly highly deceptive.
Do I understand you correctly that if the "estate tax is repealed," the above farm owners will wind up paying texes that they would not have incurred under current law?
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Under HR 8, this would be true. Before it passed in the House, an alternative proposal was voted down. It would have retained stepped up basis, and would have set the unified credit exeption amount high enough that only .03% of Americans would be subject to the tax (single estates greater than 3 mil, married greater than 6 mil, changing to 3.5 mil and 7 mil after 2009. Here's a link discussing it:
http://www.ombwatch.org/article/articleview/2790/1/337