Will Estate Taxes Be Repealed?

Next week, Congress resumes debate over whether it should permanently repeal the estate tax imposed when people die and leave their assets to their heirs. In 2001, Congress voted to reduce the tax until it is eliminated in 2010. But it is set to return in 2011 to a maximum 55% rate with an exemption on the first $1 million of the estate. House and Senate members have proposed bills for permanent repeal, and House members could take action as early as next week. Many groups, lead by Non-profit organizations and the tax and spend politicians and big government think tanks, are trying to reinstate the full estate tax and prevent the ultimate repeal. Please see the full article.