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Posts Tagged ‘tax cut’

The tax cut extension package does dramatically change the game for everyone – married couples and singles alike – in terms of estate tax planning. In fact, that tidbit is probably the most important thing you should remember about the new legislation – it made significant changes to the estate tax law. The very fact that things have changed (again) means your estate planning probably should be reviewed.The federal estate tax exemption is now $5 million, with a 35 percent applicable tax rate on the remainder. This means that if you are a single person with an estate of less…

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The President says the concept behind this compromise proposal is to help all persons that are in need, and allow the tax code to work in unison with recent bills on healthcare and small business.

As you probably know by now, President Obama dropped a bombshell last week with his Republican-backed, compromise tax proposal. It’s not yet law, and is likely to face stiff political opposition, but the results are so far-reaching that it’s worth outlining the bold points of the proposal. (To read more, The Associated Press has a good run-down of the highlights.)       The centerpiece of the proposal is the extension of all Bush-era tax cuts for two more years, and this includes the wealthiest tax brackets, with the addition of special programs and incentives to help the average and low-income taxpayer….

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