TaxProf Blog

Editor: Paul L. Caron
Pepperdine University School of Law

A Member of the Law Professor Blogs Network

Monday, November 30, 2009

House to Vote Wednesday on Permanent Estate Tax Fix ($3.5m Exemption, 45% Top Rate)

Wall Street Journal, ·US House to Vote on Permanent Estate Tax Bill Next Week, by Martin Vaughan:

The U.S. House of Representatives next week will vote on legislation to extend current estate tax rates permanently, but when and what action the Senate might take on the bill remains unclear.

The House will vote next week, Wednesday at the earliest, on estate tax legislation from Rep. Earl Pomeroy (D., N.D.), according to a schedule released by House Democratic leaders. The Pomeroy bill (H.R. 4154) would make permanent a 45% rate on inherited wealth, with the first $3.5 million exempt from the tax. Without congressional action, the tax will be repealed in 2010 and return in 2011 at a 55% rate with a $1 million exemption.

The Pomeroy legislation, backed by President Obama, would cost $233 billion over the next 10 years since it represents a tax cut when compared to current law.

http://taxprof.typepad.com/taxprof_blog/2009/11/house-to-vote-wednesday.html

Congressional News, News, Tax | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341c4eab53ef0120a6e31a45970b

Listed below are links to weblogs that reference House to Vote Wednesday on Permanent Estate Tax Fix ($3.5m Exemption, 45% Top Rate):

Comments

The Pomeroy bill is, laughingly, called the "Permanent Estate Tax Relief" Act. It certainly isn't a relief for family business owners.

Posted by: Seth | Nov 30, 2009 2:52:05 PM