Heard on the Web: Gift Tax Exclusion to Decrease to $1 Million?

Heard on the Web: Gift Tax Exclusion to Decrease to $1 Million?

News story posted in Legislative on 10 November 2011| comments
audience: National Publication | last updated: 10 November 2011
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Summary

Rumors are circulating that the bipartisan joint select committee on deficit reduction (the “Super Committee”) is considering a recommendation that would decrease the federal gift tax exclusion from its current $5 million to $1 million with an effective date of November 23, 2011, the date on which the committee is scheduled to release its proposals for reducing the national deficit by at least $1.5 trillion over the next 10 years. 

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