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 toprovide relief to individual taxpayers, it by no means leavesentrepreneurs out in the cold. You receive a number of benefitsunder the act. Here's a look at two areas:
Estate Taxes: Perhapsthe biggest sigh of relief for entrepreneurs comes with the changesto the estate tax. The new law gradually raises the exclusionamount and lowers the top estate tax rate. Eventually, it repealsthe tax altogether. The exclusion amount increases to $1 millionfor 2002 from the current $675,000. Subsequent increases raise thelevel to $1.5 million in 2004, $2 million in 2006 and $3.5 millionin 2009.
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