Uncertainty regarding the future of the estate tax persists in the Senate. An amendment offered by Senators Blanche Lincoln (D-AR) and Jon Kyl (R-AZ) that would have phased in a top estate tax rate of 35% with a $5 million inflation-indexed exemption was not added to the Small Business Jobs Act as the senators had hoped. While Senator Kyl is still hopeful that action will be taken this year, political distaste for budget deficits may spoil efforts to limit the estate tax in the future.
See Meg Shreve, Senate Faced with Estate Tax Dilemma as Kyl-Lincoln Proposal Hits Roadblock, 2010 TNT 141-5 (July 22, 2010).
Posted by James G. Haskell, Associate Editor, Wealth Strategies Journal
See Meg Shreve, Senate Faced with Estate Tax Dilemma as Kyl-Lincoln Proposal Hits Roadblock, 2010 TNT 141-5 (July 22, 2010).
Posted by James G. Haskell, Associate Editor, Wealth Strategies Journal
Leave a comment