Unless Congress acts during the lame duck session, on January 1st the federal estate tax will revert back to a level of 55 percent for estates worth more than one-million dollars.
The so-called “death tax” is currently 35 percent for estates worth more than five-million dollars per individual and ten million dollars per couple.
Iowa Senator Charles Grassley says the outcome of the presidential election will likely determine where the estate tax ends up.
AUDIO: Charles Grassley (1:46 MP3)
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