Should the government take a big bite out of inheritances? Does taxing big estates help or hurt the economy and the country? And is such a tax fair to heirs, not to mention the people who worked and saved over the decades to build up those assets?
The estate tax has always been contentious—but now the debate has taken on new life. Because of Senate inaction, the estate tax lapsed at the end of last year. While there's no estate tax this year, heirs of those dying in 2010 may owe full capital-gains tax on sales of inherited property and may actually face a bigger tax bill than they would have if they had inherited in 2009.
Answer by Erica_Smerica at 2:03 AM on Sep. 21, 2010
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