Developing Progress For Ending Death Taxes?
By: Doug Busselman, Executive Vice President
As the clock continues to tick away the current session of Congress and the advancement of a Senate bill to deal with correcting the 2011 re-institution of the Death Tax (by not doing anything) there has been a significant development in the form of a possible amendment to the fiscal reform package pending attention. The amendment is being offered by Senators Blanche Lincoln of Arkansas and Jon Kyl of Arizona.
If allowed by the Senate Leadership (that would involve Senator Harry Reid) the amendment could be included in the unfolding debate on H.R. 5297, the Small Business Jobs and Credit Act of 2010. If the concept were added to a legislative proposal that makes its way into law – the results would be:
Those deeply interested in the resolution of the matter are working hard to convince their U.S. Senators that such an amendment would be a very good idea. There is also a strong push to reach out to U.S. Senator Harry Reid in hopes that he would go along with adding this amendment to the list of other add-ons being offered for H.R. 5297. One of the groups involved in this effort is the American Farm Bureau Federation, who offered this news release on the importance of getting the Death Tax matter resolved…using this amendment to accomplish the task.
Others have also noticed the developments taking shape and weighed in with their thinking. The Heritage Foundation has put out this information on the subject. It is somewhat interesting to read in the Heritage Foundation’s post, authored by Curtis Dubay, that the delays for Senate action on resolving the Death Tax issue are being attributed to Senate Majority Leader Reid. Some think that Reid actually wants the Death Tax coming back in 2011 – in full force!
Dubay notes, as have others, “that the economy cannot afford for the 55 percent rate and $1 Million exemption at any time, but now, in its badly weakened state, is an especially bad time.”
As we continue to hear about how much our U.S. Senator is doing – it will be worthy to pay close attention to how this detail plays itself out…
As the clock continues to tick away the current session of Congress and the advancement of a Senate bill to deal with correcting the 2011 re-institution of the Death Tax (by not doing anything) there has been a significant development in the form of a possible amendment to the fiscal reform package pending attention. The amendment is being offered by Senators Blanche Lincoln of Arkansas and Jon Kyl of Arizona.
If allowed by the Senate Leadership (that would involve Senator Harry Reid) the amendment could be included in the unfolding debate on H.R. 5297, the Small Business Jobs and Credit Act of 2010. If the concept were added to a legislative proposal that makes its way into law – the results would be:
- Permanently set the estate tax at 35 percent with a $5 Million exemption amount, phased in over 10 years and indexed for inflation
- Provide a “stepped up basis” for inherited assets
- Allow the estates of people who died in 2010 to choose to settle their estates under current law (with no estate tax, but with a modified step-up basis) or file under the new law
- Offset estate tax relief that is above that provided by the House-passed bill and the Obama Administration’s proposal for a 45 percent estate tax rate with a $3.5 Million exemption
Those deeply interested in the resolution of the matter are working hard to convince their U.S. Senators that such an amendment would be a very good idea. There is also a strong push to reach out to U.S. Senator Harry Reid in hopes that he would go along with adding this amendment to the list of other add-ons being offered for H.R. 5297. One of the groups involved in this effort is the American Farm Bureau Federation, who offered this news release on the importance of getting the Death Tax matter resolved…using this amendment to accomplish the task.
Others have also noticed the developments taking shape and weighed in with their thinking. The Heritage Foundation has put out this information on the subject. It is somewhat interesting to read in the Heritage Foundation’s post, authored by Curtis Dubay, that the delays for Senate action on resolving the Death Tax issue are being attributed to Senate Majority Leader Reid. Some think that Reid actually wants the Death Tax coming back in 2011 – in full force!
Dubay notes, as have others, “that the economy cannot afford for the 55 percent rate and $1 Million exemption at any time, but now, in its badly weakened state, is an especially bad time.”
As we continue to hear about how much our U.S. Senator is doing – it will be worthy to pay close attention to how this detail plays itself out…
Posted by Doug Busselman at 7/14/2010 12:38 PM 
Categories: Congress
Tags: Senator Reid Senator Kyl Death Tax Reform Senator Lincoln U.S. Senate Estate Taxes Congress
Categories: Congress
Tags: Senator Reid Senator Kyl Death Tax Reform Senator Lincoln U.S. Senate Estate Taxes Congress
I'll see your 35% tax rate, and raise you a $2 million exemption. Shut your pie hole, and ante up.
Reply to this