BUSINESS
By EILEEN AMBROSE | June 10, 2001
THE REPEAL OF the federal estate tax, included in the $1.35 trillion tax cut, will make estate planning more complicated than ever for many, experts say. Over the next 10 years, the amount of assets individuals can shelter from estate taxes rises and the top tax rate declines. The estate tax is fully repealed in 2010, but the law carries a "sunset" provision under which the tax will reappear in 2011 unless Congress takes action. Lawyers and other estate planning experts warn not to count on Congress' keeping the tax repeal.
NEWS
By Jeff Jacoby | June 22, 2000
BOSTON --For naked class warfare, it is hard to beat the estate tax. "If we were to give a prize for the single worst idea to come forward from a group that's been rife with them, it would be this," fumed Rep. Barney Frank, D-Mass., as the House voted by a healthy margin to phase out the federal tax on inheritances. "Their idea is this: `Let's make the tax code of America better for very rich people. Let's give substantial tax relief to the richest people we can find.'" Does Mr. Frank really believe that?
BUSINESS
By Gene Austin and Gene Austin,Knight-Ridder News Service | September 15, 1991
"Digging for Gold in Your Own Back Yard" is the intriguing title of a new book about how homeowners can try to lower their real estate taxes. According to promotional material accompanying the book, owners who present a "well-documented" case have an 80 percent chance of winning a tax reduction."Digging for Gold," by Gary Whalen ($19.95 paperback, R.E.I. Press), takes a step-by-step approach to appealing a tax assessment.It starts with sections on understanding how tax bills are determined, and outlining a procedure for determining whether an assessment should be challenged.
BUSINESS
By JANE BRYANT QUINN | February 4, 2001
Congress wants to end the federal estate tax. That's the tax paid when children and others inherit a large amount of money. President Clinton vetoed repeal, saying it was merely a break for the rich. President Bush favors repeal or at least a big reduction in the tax. So conditions currently favor a reduction, at the very least. Two questions arise: Would you be affected by an estate-tax cut, and if so, is there something you should be doing now? The first thing to know is that few Americans pay estate taxes.
NEWS
By Jonathan Weisman and Jonathan Weisman,SUN NATIONAL STAFF | December 1, 1999
WASHINGTON -- Courting accusations of economic recklessness from Democrats and fiscal timidity from his Republican rivals, George W. Bush will unveil today an economic plan that includes modest reductions in tax rates, an end to estate taxes and a reduction in the "marriage penalty" levied on some two-income couples.The Republican presidential front-runner is already facing criticism from his Republican foes that his proposal is far too modest, because he has rejected the sweeping changes to the tax code that other candidates have embraced.
NEWS
By Timothy B. Wheeler and Timothy B. Wheeler,SUN STAFF | April 13, 1999
Legislation giving lucrative tax breaks to developers of hotels and other major projects in downtown Baltimore cleared the General Assembly last night in the waning hours of the 90-day session.The measure, a priority of downtown development advocates, received overwhelming approval from the Senate and House of Delegates, despite complaints from some Baltimore community groups about the bill's favored treatment of politically connected developers, such as bakery magnate John Paterakis Sr.The bill passed the Senate by a vote of 46-1, with Baltimore Democrat Perry Sfikas the lone dissenter, and the House by 115-19.