A word from The Green~David J. Albahary, CFP® of Rhinebeck
Inside the Obama Proposal
It is estimated that George Steinbrenner’s death this year saved his heirs approximately $500-600 million in estate taxes. The U.S. Government, conversely, has lost an opportunity to fill its coffers due to an unusual clause in the Bush Tax cuts enacted in 2001. In general, the act lowered tax rates and simplified retirement and qualified plan rules. One key provision in the legislation, though, was the extinction of the federal estate tax in 2010.