Transfer Taxes / Fiscal Cliff Update

Here’s how the NYT is reporting tonight’s late Senate deal on the estate tax:

The estate tax would also rise, but considerably less than Democrats had wanted. The value of estates over $5 million would be taxed at 40 percent, up from 35 percent. Democrats had wanted a 45 percent rate on inheritances [sic] over $3.5 million.

The WSJ is on the same page. More details when they emerge.

Happy New Year!