On January 2, 2013, the American Taxpayer Relief Act (ATRA) (funny name – relief act – whose relief – sure not the taxpayer’s) was passed which made “permanent” the federal estate tax and gift tax exempt of $5 million (adjusted for inflation every year), with a tax rate of 40 percent for amounts over the exemption.  In 2014, the exemption amount is $5.34 million.  The Obama administration wants this to go back to $3.5 million exemption and a 45 percent rate by 2018.  Without any jobs, most people won’t have to worry about this tax because at the rate we are going the only people who will have to worry about this are the rich folks – like the Congressmen and Senators and the administration – they will be taxing themselves.

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