Dealmakers at Work on Fiscal Cliff
Washington is again focusing on the so-called “fiscal cliff” now that the election is out of the way, and there is strong evidence of a “grand bargain” being agreed to by Congress and the White House by year-end in order to avert a dramatic impact on the economy.
President Obama signaled support for a compromise in accepting Mitt Romney’s concession early Wednesday, and on Wednesday, both Senate and House leaders made statements implying that talks are underway.
“Without Congressional action, estate taxes will go to a $1 million exemption and a 55% top rate (instead of a $5.1 million exemption and a 35% top rate),” says Diane Boyle, vice president, federal government relations, for the National Association of Insurance and Financial Advisers.
“NAIFA supports meaningful, sustainable estate-tax reform that provides certainty for clients to do their planning and take action,” she said.