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When the American Taxpayer Relief Act was signed into law in January of 2013, much of the pressure was eased for repeal of the estate tax. Had the law not improved, the exemption would have reverted to $1 million with a top tax of 55%. The law, which is permanent (unless amended again) raised the limit to $5 million indexed, meaning that a person may leave or give away up to $5.34 million without owing any estate tax. In addition, spouses can combine their estate tax exemptions, thus the exemption could be combined by a couple to be up to $10.6 million For larger estates, the tax rate is now 40%.
WineAmerica supports the 2012 law.
Updated: July 22, 2016
Questions? Contact Michael Kaiser at firstname.lastname@example.org