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Article: Will the Death Tax Buy the Farm?(estate tax reform)
- Article from:
- California CPA
- Article date:
- August 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 California Society of Certified Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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FOR MORE AND MORE people today, dying seems to be a bad idea. This is particularly true for the growing number of Americans who are discovering that their demise could bury their estate under a heavy tax burden of 37 percent to 55 percent.
What once was considered a non-issue to the majority of taxpayers, due to its focus on a tiny subset of upper echelon society, is now a startling reality for many. This change is felt acutely in California, where merely owning a home for 20 years can put one squarely within the tax bracket of the elite--at least upon death. Politicians have taken note of these trends and are sounding the trumpet of reform.
"In the ...