“Because the “fiscal cliff” will not stop for death, it looks as if death’s carriage may make a “kindly” stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.
In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.”*
With increases to estate taxes cause millionaires to drop dead before that happens? Dying in December will be cheaper for the very wealthy; history argues that could be a psychological trigger (or at least inspire family members to pull the plug). Cenk Uygur, Ben Manckiewicz (Host, Turner Classic Movies), and John Iadarola (Host, TYT University) break it down.
*Read more from John Carney/ CNBC:
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