What does flp mean2/26/2023 ![]() ![]() While these two tax alterations are not set in stone, one sure thing to consider is that the estate tax will be returning to 55% (from the current rates of 35%), and the amount you can exclude from your estate for tax purposes will be reduced from $5.12 million to the 2003 rate of $1 million. Another looming tax hike are the Bush tax cuts that are set to expire in 2013, pushing rates up for many Americans. For instance, if the so-called Buffett Rule passes, capital gains taxes would increase from 15% to 30% for those with incomes above $250,000 or those with a $1 million in hard assets. ![]() could experience some rather drastic tax changes in the near future. ![]()
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