Greenville Estate Lawyer: “No Movement By Senate on Estate Tax”
December 19, 2009
The U.S. Senate has failed to make any move on estate tax legislation reinstating the federal estate tax for the year 2010. It is not expected to do so before the end of this year.
The sticking point seems to be that Republicans want a 5M dollar exemption and a thirty five percent highest tax bracket, while Democrats want to keep the current 3.5M dollar exemption and forty five percent rate.
It is reported by the Wall Street Journal that the Senate will revisit this issue early next year and enact retroactive legislation reinstating the estate tax as of January 1, 2010. As to what the parameters of that estate tax will be, you will just have to stay tuned.