President Bush has been pushing for the repeal of federal estate taxes since he entered office, and it was a central part of his campaign for reelection. As 2010, and its one year of no estate tax, creeps up on us, the question of when Congress will finally act to repeal or reform estate taxes weighs heavy on our minds. Will the next session of Congress be the one to finally resolve the issue?
Many in the mainstream media think so. For example, FoxNews recently published its take on these matters.
Whether estate taxes are repealed, or whether rates are reduced and exemptions creased, one issue that has not received a lot of attention [yet] is the scheduled repeal of date-of-death basis step-ups in assets in favor of a carry-over basis regime.
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