Just a quick post as there is little detail available but it appears both parties in Congress and President Obama have reached some tentative resolution in continuing the Bush tax cuts.
According to the Daily Caller within the agreement is the agreement for new estate tax regulation with a $5 million exemption and 35% rate. The tentative estate tax compromise is supposedly to effective for two years. Then I guess they can start again.
Also in the proposal is a one year allowance for businesses to write off 100% of capital purchases during 2011.
More details as I get them. There have been so many false alarms, proposals and bills on the passage of a new estate tax that I won't be convinced until Congress actually votes, and President Obama signs the bill into law. So keep in mind this is again just a tentative agreement. But if it is brought to the floor for a vote, it should go through with the other legislation.
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