WSJ: U.S. SENATE SET TO APPROVE ESTATE TAX REFORM
According to the Wall Street Journal (subscription only link), Republican and Democrat Senators have reached an agreement to permanently boost the amount per person that is exempt from estate taxes to more than $3 million per person. While this falls short of full repeal advocated by House Republicans, it is a major improvement over the current law, which sets the exemption at $1 million per individual in the year 2011 and thereafter.
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