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Effective Exemption Amount<br />
As well, EGTRRA decreased the top rates for<br />
federal estate and gift taxes in steps until they<br />
reached 45% in 2007<br />
In 2010, it repealed the federal estate tax, set<br />
the top tax rate for gifts equal to the top tax<br />
rate for individual income, and put in place<br />
complex rules and limits for stepped‐up basis<br />
But EGTRRA itself is scheduled to “sunset”<br />
after 2010, returning us to a $1 million unified<br />
exemption amount and a 55% top tax rate<br />
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