Rep. Jim McDermott, (D-Wash) recently introduced transfer tax reform legislation to the House Ways and Means Committee, H. R. 3467. Dubbed the "Sensible Estate Tax Act of 2011," the new law would drop the exempt amount back down to $1 million and restore high tax rates, reaching 55%.
If this bill passes and is made into law, then, at your death, any assets you own over $1 million will be taxed at the rate of 55%, before your heirs receive any inheritance.
Prospects for Rep. McDermott's proposed law are uncertain as of this writing.
by Jeff Skates
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