Good news for the affluent

Happy New Year !
Investing December 15, 2010, 11:50PM EST

It’s a Great Time to Be Rich

If the tax cuts become law, the next two years will be the best in living memory for many wealthy Americans to shield their income and fortunes

By Ben Steverman

A bonanza of new and extended tax benefits could make it as easy as ever for the rich to stay that way.

Under legislation approved by the U.S. Senate on Wednesday, Dec. 15, and now moving on to the House, savvy wealthy Americans would be able to capitalize on an environment in which their tax rates on income and investments remain at historic lows. Also, new rules would make it possible to pass on fortunes to heirs with less fuss and lower taxes than all but a brief period of the past 80 years. It’s a far cry from the 70 percent bite the federal government took out of the largest incomes and estates as recently as 1980.

 

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