After extensive negotiations with the Republican and Democrat leadership in Congress, President Obama recently proposed a compromise package to resolve the stalemate over the extension of the 2001 and 2003 tax cuts.  Included in the compromise package would be an extension of the expired estate tax at a rate of 35 percent and an exemption level of $5 million.  In addition, Obama proposes extending the 2001 and 2003 tax cuts, which are set to expire on December 31st, for all income levels for two years.

As a member of the Family Business Estate Tax Coalition, AWMA sent the attached letter to all the negotiators on this issue.  Although AWMA has worked on behalf of a full and permanent repeal of the onerous estate tax, AWMA is gratified by the extension of the 35 percent rate and the $5 million exemption level.
CLICK HERE TO READ THE LETTER