Wednesday, May 12, 2010
The Hill, Kyl: Deal on the Estate Tax in the Offing
Senate Minority Whip Jon Kyl (R-Ariz.) told reporters on Tuesday that his estate tax proposal is near completion.
"It is our hope that we can get together both on the proposal, the details are pretty well resolved, and on a process by which we can get it passed as soon as possible," he said.
Kyl would not disclose the details of his proposals.
Sources close to the matter told The Hill last week that lawmakers are looking to give taxpayers the option of prepaying their estate tax. The levy would be set at 35% for those worth more than $3.5 million, however the exemption would ultimately increase over time to $5 million and would not be indexed for inflation. Prepayment trusts would pay a lower rate.
It is unclear how the gift tax would be addressed. Kyl recently told The Hill that he would like the rate to mirror the estate tax.