The estate tax went away on Jan 1, 2010 because the legislature didn’t renew it. I guess it was like the sunset clause on the assault weapons ban that expired a year or 2 ago.
Either way this is an excellent thing for America despite what this slanted story from ABC would have you believe. Here’s a different take from U.S. News.
These monies have already been taxed during the person who died’s lifetime so there’s no reason for them to be double taxed no matter how wealthy they were. WOuld you want to be double taxed?
