Table: The Tax-Cut Timeline

CURRENT LAW 2001 2002 2003

ESTATE & GIFT TAX Lifetime $675,000 $675,000 $1 million $1 million Exemption Top rate 55% 55% 50% 49%

ALTERNATIVE MINIMUM TAX Exemption for $45,000 $49,000 $49,000 $49,000 couples

RATE CUTS Bottom bracket 15% 10% 10% 10% Top bracket 39.6% 39.1% 38.6% 38.6%

2004 2005 2006

ESTATE & GIFT TAX Lifetime $1.5 million $1.5 million $2 million Exemption Top rate 48% 47% 46%

ALTERNATIVE MINIMUM TAX Exemption for $49,000 $45,000 $45,000 couples

RATE CUTS Bottom bracket 10% 10% 10% Top bracket 37.6% 37.6% 35.0%

2007 2008 2009

ESTATE & GIFT TAX Lifetime $2 million $2 million $3.5 million Exemption Top rate 45% 45% 45%

ALTERNATIVE MINIMUM TAX Exemption for $45,000 $45,000 $45,000 couples

RATE CUTS Bottom bracket 10% 10% 10% Top bracket 35.0% 35.0% 35.0%

2010 2011

ESTATE & GIFT TAX Lifetime Estate tax $1 million exemption Exemption repealed restored Top rate 0% 55%

ALTERNATIVE MINIMUM TAX Exemption for $45,000 $45,000 couples

RATE CUTS Bottom bracket 10% 15% Top bracket 35.0% 39.6%

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