Greenville Estate Lawyer: “House Votes on Estate Tax Extension”
December 3, 2009
Well, my prediction of last night may prove incorrect. The House voted today to extend the current federal estate tax law. This would continue the current $3,500,000.00 exemption and keep the top rate at 45 %. It will also keep the estate tax in effect for the year 2010.
I am for this legislation. I would even like to see the exemption reduced a bit. I do not believe the current budget deficits and national debt allows for legislation that reduces tax revenues to the federal government. (this legislation results in approximately 234 billion less in tax revenues over the next ten years)
Anyway, the U.S. Senate will take up its version of the bill, and through reconciliation we may end up with a new federal estate tax law. Once again, stay tuned.