Sen. Hatch: Pending Estate Tax Increase Not Getting Enough Attention

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Most of the focus of the fiscal cliff debate has been on the expiration of the income tax cuts set to go into effect on Jan. 1, but Sen. Hatch warns that Congress should be giving more attention to the pending estate tax increase as well. Hatch says the estate tax is poised to jump to a 55 percent tax rate, while the exemption level falls to $1 million per person, and the impact would hit small businesses and family farms especially hard. Under current policy, estates are taxed at a 35 percent tax rate with a $5.12 million exemption.