WILLAg Notes

President Obama inside the Oval Office as seen through a window outside the White House
January 01, 2013

Fiscal Cliff

SENATE PASSES FISCAL CLIFF DEAL

....House agrees reluctantly.

ESTATE TAX - top tax rates on large estates raised to 40%, with a $5 million exemption estates inherited from individuals ($10 million on family estates). The exemptions, if enacted, will be indexed for inflation.

CAPITAL GAINS - capital gains and dividends over $400,000 for individuals and $450,000 for couples taxed at 20%. 15% for lower income levels.

FARM BILL - extended by 9 months.


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