Jonathan Allen, House Dems Focusing on an Amendment to the Estate Tax Provision, Politico, Dec. 13, 2010.
House Democrats are currently focusing on an amendment to the estate tax provision of President Obama's tax deal. The House estate tax proposal, which was passed in the House one year ago, would apply a 45% tax to estates over $3.5 million. It was adopted 225-220 last December, but there are a few reasons why it may not have enough support in the House to defeat the Senate's version:
House Democrats haven't finalized their amendments yet, and it isn't clear which day the House would take up the proposal. Maryland Rep. Chris Van Hollen thinks that Democrats should stand their ground with regard to the estate tax, asking, "Are Republicans really willing to hold up tax relief for millions of Americans, middle class Americans and others in order to provide a $25 billion hit to the deficit that benefits 6,600 estates at an average benefit of $1.8 million?"
House Democrats are currently focusing on an amendment to the estate tax provision of President Obama's tax deal. The House estate tax proposal, which was passed in the House one year ago, would apply a 45% tax to estates over $3.5 million. It was adopted 225-220 last December, but there are a few reasons why it may not have enough support in the House to defeat the Senate's version:
House Democrats haven't finalized their amendments yet, and it isn't clear which day the House would take up the proposal. Maryland Rep. Chris Van Hollen thinks that Democrats should stand their ground with regard to the estate tax, asking, "Are Republicans really willing to hold up tax relief for millions of Americans, middle class Americans and others in order to provide a $25 billion hit to the deficit that benefits 6,600 estates at an average benefit of $1.8 million?"
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Hat tip: Wills, Trust & Estates Prof Blog
Posted by Yi Song, Associate Editor, Wealth Strategies Journal.
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