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Fri Nov 9, 2012, 10:22 AM

What does rolling back the Bush era tax cuts entail?



In other words top marginal and capital gains rates now and what they roll back to?

Any other details as I debate a RW relative of mine?

6 replies, 663 views

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Reply What does rolling back the Bush era tax cuts entail? (Original post)
SHRED Nov 2012 OP
gateley Nov 2012 #1
SHRED Nov 2012 #2
gateley Nov 2012 #3
SHRED Nov 2012 #6
John1956PA Nov 2012 #4
PowerToThePeople Nov 2012 #5

Response to SHRED (Original post)

Fri Nov 9, 2012, 10:25 AM

1. Kick and hope someone who knows sees this. I have a feeling lots of us will need to be up to snuff

On this in the coming days. Thanks for asking this!

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Response to gateley (Reply #1)

Fri Nov 9, 2012, 10:27 AM

2. I found this


Democrats donít want to go back to Clinton-era rates
Posted by Ezra Klein on September 5, 2012 at 3:15 pm

http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/09/05/democrats-dont-want-to-go-back-to-clinton-era-rates/

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Response to SHRED (Reply #2)

Fri Nov 9, 2012, 10:42 AM

3. Hey, thanks!! I like Ezra a LOT and think he knows his stuff. Now to go read it and see

if I can understand any of it.

What did you take away from it?

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Response to gateley (Reply #3)

Fri Nov 9, 2012, 12:45 PM

6. it's easy to get...I like Ezra a lot

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Response to SHRED (Original post)

Fri Nov 9, 2012, 10:49 AM

4. I think one aspect pertains to the estate and gift tax.

For the year 2012, the following estate tax provisions apply: (i) the unified gift/estate tax exclusion is $5 Million per person and $10 Million per married couple; (ii) the top estate tax rate is 35%; and (iii) there exists a portability feature which allows the last-to-die spouse's estate to take advantage of the exemption amount not utilized by the estate of the spouse who was the first to die.

Those provisions, which can be considered to be part of the "Bush-era tax cuts", are due to sunset at the end of 2012. If Congress and the President do not renew those provisions before the end of 2012, the 2013 estate/gift tax law will contain provisions which will be the same as those which prevailed in the year 2001, specifically: (i) the unified exclusion will be $1 Million / $2 Million; (ii) the top estate tax rate will be 55%; and there will be no portability provision.

Many observers believe that Congress and the President will extend the existing provision for the coming years.

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Response to John1956PA (Reply #4)

Fri Nov 9, 2012, 10:53 AM

5. I hope they do not extend this cut. n/t

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