One issue I have been watching closely is the repeal of the estate tax laws put into place originally by Bush in 2001 set to expire in 2010 and reset back to its previous amount.
Currently, the FEDERAL estate tax exemption is $3.5 million per person. Estates that exceed this amount currently pay 45% tax (death tax indeed).
In 2010, there is something called a 'Sunset Provision' that resets the changes put in place by Bush. In 2010, there will be no estate tax, but in 2011, they revert back to their levels in place prior to the change in 2001 (i.e. $1.0 million dollar exemption and a 55% tax on estates above $1 million).
Obviously, this has far-reaching implications and Congress is currently hinting at simply extending these provisions rather than making a decision in the wake of health care reform.
Here's the WSJ article if you are interested...
Grace & Peace
PLW
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