Los Angeles Business Journal

Rich Catch a Break in Budget Deal

Friday, January 4, 2013

The budget deal passed by Congress Jan. 1 and signed into law by President Barack Obama makes permanent the estate-and-gift tax exemptions that wealthy Americans raced to take advantage of when their fate was uncertain, Bloomberg News reports. Congress also didn’t go as far as the president proposed in restricting top earners’ use of tax breaks such as mortgage interest and charitable deductions.