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 Without congressional action, the tax will be repealed in 2010 and return in 2011 at a 55% rate with a $1 million exemption.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.
- Christopher Bergin, Death Watch on the Death Tax
- Washington Times editorial, Death Tax Redux: Democrats Won't Release Their Grip on the Dead's Money
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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 5:52:05 PM