No deal will mean estate tax goes up next week

Posted: December 28, 2012 at 12:25 a.m.

Unless Congress and President Barack Obama reach a budget and tax deal by Monday night, heirs to estates will face hefty increases in their tax bills. As part of the 2001 George W. Bush-era tax cuts, Congress lowered the tax rate on estates from 55 percent to the current 35 percent. Exemptions were increased so that couples do not have to pay taxes on the first $10 million of their estates, up from $2 million in 2001.

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Front Section, Pages 1 on 12/28/2012