What is the status of the repeal of the estate tax?
The new estate tax bill that passed both houses of Congress and signed by the President increases the individual exemption from $675,000.00 in 2001 to $1 Million in 2002, $1.5 Million in 2004, $2 Million in 2006, and $3.5 Million in 2009 and is repealed in 2010. Unfortunately, the new bill allows Congress to reimplement the estate tax in 2011. The new bill also lowered the top rate of 55 percent to 50 percent in 2002 and eventually to 45 percent by 2009.
