I have said for years that I thought we would actually have repeal in 2010. I have also thought that the estate tax exemption will go back to $1 million in 2011. Well we are more than 6 weeks into 2010, and we have repeal.
If Congress were to change the estate tax laws in any way during calendar year 2010, then they would essentially be legislating a tax increase. I understand that politicians do not particlularly like to vote for a tax increase, as it can impact re-election. If Congress waits until January 2011 to change the estate tax laws, then they would legislating a tax cut! Tax cuts are good for re-elections.
Anyways, I still think it will go back to $1 Million in 2011.
Take care, Patrick
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