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Friday, December 10, 2010

Legislative Documents for the Obama Tax Compromise Bill

Congressional News, Tax | Permalink

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Tracked on Dec 10, 2010 5:58:14 AM

Comments

Here's the surprise: Permanent portability of the estate tax exemption. Demand for estate planning will fall dramatically.

"Portability of unused exemption. Under current law, couples have to do complicated estate planning to claim their entire exemption (currently $7 million for a couple). The proposal allows the executor of a deceased spouse’s estate to transfer any unused exemption to the surviving spouse without such planning. The proposal is effective for estates of decedents dying after December 31, 2010."

Posted by: AMTbuff | Dec 10, 2010 8:56:47 AM

Independently from the contents of the "DEAL", Congress should avoid Earmarks and Deals.

Legislation should voted on with no strings attached. No more deals, such as: "I will vote to maintain the current tax rates only if the Unemployment Insurance period is extended". These are two different issues and each should be voted on its own merit. When a "deal" is struck, it is done for the interest of politicians, not the interest of the people.

Please check the FB page "Self Government Foundation" - DISCUSSIONS Tab, PROPOSED LEGISLATION 1010:

http://www.facebook.com/topic.php?uid=152110011483641&topic=227

Posted by: Giuseppe Gori | Dec 10, 2010 9:55:01 AM

Wonder of wonders, they threw in another surprise by addressing one of my pet peeves: They are indexing the estate tax exemption!

Non-indexation of the estate tax was a major problem in the 1960s and 1970s. We are well rid of that.

Posted by: AMTbuff | Dec 10, 2010 4:08:16 PM