estate tax News

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Congress Sends Tax Legislation to White House

WASHINGTON (Dec. 17) -- Acting with uncommon speed, Congress sent President Barack Obama sweeping, bipartisan legislation late Thursday to avoid a Jan. 1 spike in income taxes for millions and renew jobless benefits for victims of the worst recession in 80 years. The measure also will cut Social Security taxes for nearly...

Senate Expected to Vote to Extend Tax Cuts

WASHINGTON (Dec. 15) -- The Senate cleared the decks Wednesday for a final vote on a sweeping tax package that would save millions of Americans thousands of dollars in higher taxes next year while also reducing their Social Security taxes and extending jobless benefits. The package will then go to the House, where...

Opinion: It's Time to Bring Back the Estate Tax

(Sept. 3) -- The Koch brothers, David and Charles, owners of the second-biggest private company in America, have been the subject of two recent lengthy profiles in The New Yorker and New York magazines for their bankrolling of conservative movements, including the tea party. But the Kochs' politics are more libertarian...

Texas Billionaire's Heirs Will Inherit Fortune Tax-Free

(June 9) -- After death, there may be no taxes for the relatives of a Texas billionaire. When Houston oil tycoon Dan L. Duncan, 77, died in March of a brain hemorrhage, the man Forbes magazine ranked as the 74th wealthiest man in the world left an estimated $9 billion fortune to his children and grandchildren. In years...

Background on estate tax

An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate (total value of the money and property) of a person who has died.

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