Senator Max Baucus, chairman of the Senate Finance Committee, is soon to introduce a bill that would create permanent tax cuts for the middle-class and reduce estate taxes, New York Estate Lawyers has learned.
The tax cuts for families that earn more than $250,000 a year will be allowed to lapse, a source told New York Estate Lawyers. President Barack Obama set his own terms for the tax standards in a televised town hall meeting in which he would not consider extending the Bush tax cuts for the rich. “Obama drew a line in the sand,” a source told a New York Estate Lawyer. “He’s raised the stakes.”
The House is waiting for the Senate to introduce its own tax bill before showing off its own. “This would be the biggest tax policy change in 10 years,” the source told a New York Estate Lawyer. It is unknown as of yet whether there is enough support among Democrats in the Senate to pass it and if Republicans will attempt to block it.
There are currently no estate tax, but it will return in 2011 for estates of $1 million or more. Baucus’ estate tax proposal, at least at the moment, would reduce the 2011 rate from 55 percent to 45 percent and only for estates worth more than $3.5 million.
Tax policy is complicated and it’s all the more so when laws can change so easily from year to year. You’ll need a New York Estate Attorney to help you keep up with all the changes. You can be sure your financial future is in good hands when you have a New York Estate Attorney on your side.
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