House Approves Permanent Estate Tax Fix, 225-200

The House voted 225-200 today to approve H.R. 4154, the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009, which permanently extends the estate tax with a $3.5 million exemption ($7 million for married couples) and 45% top rate.  The 225 votes in favor of the bill all came from Democrats; 26 Democrats voted with 174 Republicans in opposition to the bill.  Under current law, the estate tax is scheduled to be repealed for one year on Jan. 1, 2010, before returning on Jan. 1, 2011 with a $1 million exemption ($2 million for married couples) and a 55% top rate.

• Bill
• Joint Committee on Taxation, Technical Explanation (JCX-57-09)
• Joint Committee on Taxation, Estimated Revenue Effects (JCX-58-09) 
• Associated Press
• Bloomberg
• Center on Budget and Policy Priorities
• Don't Mess With Taxes
• House Ways & Means Committee Press Release
• Nancy Pelosi Press Release
• The Tax Lawyer's Blog
• Wall Street Journal
• Washington Post (editorial)