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Wealthy Individuals Urge Congress to Reinstate Estate Tax

Published on 07/23/2010 -

Tax law is receiving a bit more national attention as several well-known, and very wealthy, individuals recently urged Congress to retroactively reinstate the national estate tax.

Former Treasury Secretary Robert Rubin, Tiger Management LLC Founder Julian Robertson, and an heir of Walt Disney called on lawmakers to retroactively restore the tax before Congress adjourns for a month-long recess in August.

Due to the Bush tax cuts, there has been no estate tax in 2010. However, this tax cut will end on December 31st and there will be a 55% tax on estates worth more than $1 million dollars in 2011.

Tax law has seemed to be put on the back-burner with health and banking reform acts receiving more attention. But the Bush tax laws and timeline were established in 2001 with the assumption that the laws would be adjusted before 2011.

Efforts to address the laws, including an effort to extend the Bush cuts, have stalled in both the House and Senate.

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