The Senate just passed an amendment to lower the estate tax. CT last reported on Obama’s budget recommendation to maintain the estate tax at 2009 levels: 45 percent on assets after $3.5 million or $7 million for couples.
The Senate voted to allow exemptions up to $10 million and tax estates at 35 percent above that level.
The question (for those of us not worried about being affected by this) is: Will the new level decrease charitable giving, since it encourages people to hang on to their money?
