Filed Under:Life Insurance, Life Planning Strategies

Does the Death Tax Have a Date with the Grim Reaper?

The death tax has spurred oppositon for years, as seen in this 2000 photo of House Speaker Dennis Hastert of Ill. (AP Photo/Dennis Cook)
The death tax has spurred oppositon for years, as seen in this 2000 photo of House Speaker Dennis Hastert of Ill. (AP Photo/Dennis Cook)

H.R. 1259, The Death Tax Repeal Permanency Act amassed over 200 co-sponsors in the U.S. House of Representatives today.

The bill, sponsored by Rep. Kevin Brady (R-Tex.), and introduced almost one year ago, seeks to repeal estate and generation-skipping transfer taxes and make the maximum 35% gift tax rate and $5 million lifetime gift tax exemption permanent. Without legislative action, the estate tax reverts on January 1, 2013 to 2001 levels, which impose a $1 million exemption and 55% tax rate.

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Nichole Morford

Nichole Morford
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