- Estate tax lifetime exemption, currently $11.7 million per person, dropping to $3.5 million per person (2009 level)
- Gift tax lifetime exemption will be just $1 million per person (2001 level)
- Earners of $400,000 or more likely to see their tax bracket jump to 39.6%
- Capital gains and dividend rate for earners of $1 million or more jumping to 43.4% from 23.8%
- Step-up in basis at death likely changing.
Jonathon Gudema, Esq.