Thursday, January 06, 2011
The Nonprofit Quarterly | @npquarterly | New Estate Tax Law Could Hurt Charity
The Nonprofit Quarterly | @npquarterly | New Estate Tax Law Could Hurt Charity: "December 28, 2011; Source:Forbes | A tax lawyer writing for Forbes suggests that the new tax bill's reinstatement of the estate tax isn't going to be much of an incentive for lifetime charitable giving or charitable bequests. Had the Bush tax cuts expired, the estate tax would have been reinstated with an exemption of $1 million per person and a tax rate of 55 percent. The compromise tax bill set the exemption from the federal estate tax at $5 million per person and the estate tax rate at 35 percent."