The Independent Insurance Agents & Brokers of America (IIABA) [] is lauding the enactment of legislation that will keep tax rates steady across all income levels.

Had President Obama not signed the legislation last week, all of the cuts enacted in 2001 and 2003 would have expired at midnight on New Year’s Eve. In addition to a two year extension of current marginal tax rates, dividend and capital gains tax rates, the bill sets the estate tax rate at 35% with a $5 million exemption for two years. The estate tax provisions are of great importance to independent agencies because many are family owned.

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