Will 'Fiscal Cliff' Accelerate Millionaire Deaths?
Because the "fiscal cliff" will not stop for death, it looks as if death's carriage may make a "kindly" stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.
In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.
Will 'Fiscal Cliff' Accelerate Millionaire Deaths? - Does a bear s*!# in the woods?