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Family inheritance may soon come with a huge price tag in the form of an increase.
-- state tax Gerri Willis has more up.
On what it means for your money she's in the Fox Business newsroom special get -- -- A day in good to see -- he had this estate tax to the death tax is gonna reset to 55%.
Unless congress gets its act together now this week we -- a compromise.
In place but it fell apart.
That compromise -- at the estate tax rate at 35%.
Birth -- of five million Margaret guess what.
Liberal Democrats did not want that plan.
Right here in studio right now -- -- he's in the state plan is gonna talk to us a little bit about -- that you say you think this is.
Un American the death tax.
Well this because you pay your taxes while you earn your income if you invest and save you pay taxes on capital gains and you accumulate everything you do threaten a lifetime.
You -- passed down to your -- and -- wanna take half your money once again so some people say you're being taxed to win three times on the same money.
Right so you get taxed at once twice three times and I gotta say and a lot of people are frustrated with this are your clients frustrated with the fact that they're -- what the -- going to be well that's the problem promise you can't.
Really do any -- you don't know the number is going to revert back to what it was last year.
That's one of the proposals you don't know if it happens this year if you pass away what exactly to do so it's a moving target people can't plan.
And when they can't -- they do nothing.
And that's not a good thing you need to get in or take a look at what would happen if you were to pass away today what kind of situation would there be that there needs to be effects -- they just haven't focused on it.
At all that thank you for that.
Day in a court said he no Obama wants to set the rate of 45%.
But I gotta tell you we have no compromise in place right now it's just as likely that a tax rate could reset to 55% come January 1 so.
Watch out for the death -- it's coming.
They haven't they let it expire in the first -- not.
Pain I'm on your page you know this really hurts American -- list.
It hurts people who own their own businesses you know a lot of folks at the end of the day.
It's of the the rate is going to be one million how many people you know -- -- worth one million it's actually a lot of Americans many small business says -- terrific stuff Gerri Willis.
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