What's in It for Me?
Read the fine print: Tax bill will benefit entrepreneurs, too.
Although the $1.35 trillion tax package is designed mainly to provide relief to individual taxpayers, it by no means leaves entrepreneurs out in the cold. You receive a number of benefits under the act. Here's a look at two areas:
Estate Taxes: Perhaps the biggest sigh of relief for entrepreneurs comes with the changes to the estate tax. The new law gradually raises the exclusion amount and lowers the top estate tax rate. Eventually, it repeals the tax altogether. The exclusion amount increases to $1 million for 2002 from the current $675,000. Subsequent increases raise the level to $1.5 million in 2004, $2 million in 2006 and $3.5 million in 2009.
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