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July 19, 2008
The Sensible Tax Act of 2008
On July 15, 2008, Rep. James McDermott [D-WA] introduced into the House The Sensible Tax Act of 2008.
Here are some of the highlights of this bill:
- The estate tax applicable exclusion amount would be set at $2,000,000 and subsequently adjusted for inflation.
- Marginal tax rates would increase to 55% for estates over $10,000,000.
- Repeal of state estate tax deduction.
- Reinstatement of state estate tax credit.
- Reinstatement of a "unified" tax for inter vivos gifts and at-death gifts (that is, the applicable exclusion amount for inter vivos gifts would be $2,000,000 with inflation adjustments).
- The applicable exclusion amount would be increased by any unused applicable exclusion of a predeceased spouse.
Special thanks to Adam Hirsch (William and Catherine VanDercreek Professor of Law, Florida State University) for bringing this bill to my attention.
July 19, 2008 in Estate Tax, Gift Tax | Permalink
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Comments
For Individual Income Tax Credit provides a refund of taxes to those with low income. Because this generates a certain amount anxiety to those who have low income, this tax credit is viewed as an important poverty alleviator for the country. It is advisable that those people who have low earnings resort to non-profit organizations that can aid in getting Individual Earned Income Tax Credit.
Posted by: deepak income tax | Jul 29, 2008 4:11:57 AM
