Both houses of Congress have now passed the Conference Committe tax cut
bill. The only step left is the signature of the president. Several
adjustments will be made in tax rates.
The estate tax survives, however, for now. The size of estates (assets
of deceased people) exempt from the tax will increase several times
over the next 10 years. Currently, the size of that exemption is
$675,000. After 10 years, the tax will be abolished. The law can be
changed before that time. Additionally, a sunset provision in the bill
might have survived the Conference Committee. If so, the abolition of
the estate tax could be effectively blocked.
The most noticeable effect for most people will be the $300, $500, or
$600 checks that everyone who filed a tax return this year will
receive.
The so-called marriage penalty will be "eased
http://dailynews.yahoo.com/h/nyt/20010526/ts/congress_agrees_on_final_de
tails_for_tax-cut_bill_1.html
http://dailynews.yahoo.com/h/nm/20010526/ts/congress_taxes_dc_50.html
Andrew Hagen
[EMAIL PROTECTED]
