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No Rest for the WearyNo Rest for the Weary
The year 2010 may be remembered fondly by some as The Year Without Taxes because on Jan. 1, 2010, all federal estate taxes and generation-skipping transfer (GST) taxes disappeared. It was also a year with no other federal personal taxes because tax rates remained at historically low rates: qualified dividends and capital gains were taxed at the bargain basement rate of 15 percent; gift taxes were
January 1, 2011
Gail E. Cohen
The year 2010 may be remembered fondly by some as “The Year Without Taxes” because on Jan. 1, 2010, all federal estate taxes and generation-skipping transfer (GST) taxes disappeared. It was also a year with “almost” no other federal personal taxes because tax rates remained at historically low rates: qualified dividends and capital gains were taxed at the bargain basement rate of 15 percent; gift taxes were “on sale” at 35 percent; and even ordinary income tax rates at 35 percent were rock bottom. The tax holiday should have made it easier for fiduciaries; on the contrary, fiduciaries — both executors and trustees — faced unprecedented challenges because of the uncertainty of the unique 2010 tax landscape.
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