For those thinking that a GOP victory in the race for White House is going to change the landscape for the estate and gift tax, think again. According to a recent article in the Politico, the estate and gift tax is likely here to stay regardless of the outcome of the election. Take this statement:
“GOP leaders have been working to sell the more mainstream idea of simply retaining the current tax rates for as long as possible. The chances of negotiating a zero percent estate tax rate are almost impossible without a Republican supermajority in both chambers and a Republican president.”
In other words, they know that they can’t repeal it and are already looking for a way out. For more details, check out the full article at: http://www.politico.com/news/stories/0912/81363_Page2.html#ixzz28RXo1yEU.
It is now less than three months away from Taxmageddon. If you have not taken steps to protect your estate from the coming onslaught, it is time to get started.