|
Tax Reform Act of 20001
Scheduled Rate Reductions and Increase in Exemptions
|
Year
|
Estate Exemption
|
Top Estate, GST and Gift Tax Rate
|
|
2002
|
$1 million
|
50%
|
|
2003
|
1 million
|
49%
|
|
2004
|
1.5 million
|
48%
|
|
2005
|
1.5 million
|
47%
|
|
2006
|
2 million
|
46%
|
|
2007
|
2 million
|
45%
|
|
2008
|
2 million
|
45%
|
|
2009
|
3.5 million
|
45%
|
|
2010
|
N/A
|
Top individual income tax rate, 35%
(gift tax only)
|
|
2011
|
$1 million
|
55%
|
The 2001 Tax Reform Act also gradually repeals the state death tax credit. |