Paul L. Caron

Thursday, December 3, 2009

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  Under current law, the estate tax is scheduled to be repealed for one year on Jan. 1, 2010, before returning on Jan. 1, 2011 with a $1 million exemption ($2 million for married couples) and a 55% top rate.

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Tracked on Dec 4, 2009 5:11:19 AM


Stepped-up basis returns under all proposals I have seen.

Posted by: AMTbuff | Dec 4, 2009 12:20:39 PM

Whatever happened to the end of the stepped-up basis? Will that still be going away in this bill? I imagine it should stay. If not that would be terrible for those of us whose estates were always under these million dollar amounts.

Posted by: Tony | Dec 3, 2009 3:34:50 PM

It's definitely not the best deal possible if it doesn't even include indexing for inflation.

This version creates another AMT-like monster that will eventually attack the middle class.

Posted by: AMTbuff | Dec 3, 2009 1:59:07 PM

If there were enough D votes to ensue this would pass, I suppose nothing's lost, but I'm surprised that even a few Republicans didn't understand that this is the best deal they'll get.

Posted by: s | Dec 3, 2009 12:29:52 PM