Estate Tax Spin | American International Automobile Dealers |

Estate Tax Spin | American International Automobile Dealers |: "When the 2001 tax bill passed, I noted its repeal of the estate tax repeal would last 'only for one year (2010). In that same year, assets would begin to be inherited at their purchase price rather than market value (carryover basis), so heirs would inherit old capital-gains tax liabilities. ... If carryover basis were maintained after 2010 ... then heirs could end up brutally taxed on both the value of inherited assets and old gains on those assets.'

A Wall Street Journal fact-checker called, thinking I must have made a mistake. But Congress made the mistake and now has to fix it. There are not enough Senate votes for repeal, so the debate is down to choosing between a 45-55 percent tax rate with a hypothetical $10 million exemption or Republican Sen. Jon Kyl’s plan of a 15 percent tax rate with a $3.5 million exemption. "