"Congress needs to act on an estate bill to prevent the rate from going to zero next year. Advocacy groups such as United for a Fair Economy have pushed for a higher estate tax rate and lower exemption as critical particularly given the state of the economy and need to create jobs. They support a bill from Congressman Jim McDermott (D-Washington) that would set the exemption at $2 million per spouse, adjusted for inflation, with a progressively rising estate tax rate based on the value of an estate. For estates worth up to $5 million, the tax would be 45 percent, rising to 50 percent for up to $10 million and 55 percent for those above $10 million."
Read the full posting on Rotor.com.