The U.S. House of Representative could vote as early as Wednesday of this week to increase the estate tax (known popularly as the death tax). The bill it will consider, sponsored by Rep. Earl Pomeroy (D-North Dakota), would extend permanently the death tax at its current 45 percent rate and $3.5 million exemption. This extension would be a drastic tax increase since the death tax expires on January 1, 2010. In addition, the Pomeroy bill would be a repudiation of the policy stands of several past Congresses that all agreed …
Leaders in the House of Representatives recently discussed the possibility of extending the death tax at its current rate and exemption levels for one year through 2010. If this proposal becomes law it would be a massive tax hike. Under current law, the death tax has a top rate of 45 percent and an exemption of $3.5 million ($7 million for couples) this year. But on January 1, 2010 it expires. It only stays expired for one year, however, as it springs back to life in 2011 with a top …
Congress soon will seal the fate of federal death taxes. If Congress acts by doing nothing, then the federal tax rate on estates will fall to zero for all of 2010 before rising to 55 percent on January 1, 2011. That’s current law. On the other hand, it could pass legislation to set the tax rate above zero for 2010. That zero rate has a number of people worried, including executives of some of the nation’s largest non-profit organizations, who think that a one-year repeal of death taxes will undermine …
Congress will take up debate on the dreaded Death Tax once again in the coming weeks. It will do so because the Death Tax expires for one year starting January 1, 2010. But like the villain in a horror movie, it will rise from the dead with its full power in tact on January 1, 2011. The one-year expiration will likely incite Congressional debate because some would like to keep it from expiring this year all together. The one year abolition of the tax is the end of a years-long …
The Tax Foundation released its “2009 Survey of U.S. Attitudes on Taxes, Government Spending and Wealth Distribution” yesterday. Some interesting findings include: 56 percent of respondents think taxes are too high; Only 14 percent are willing to pay more than $10,000 a year in total taxes for the government services they receive from all level of governments—federal, state and local; 34 percent prefer decreased government services and lower taxes, 36 percent want services and taxes to stay the same, only 10 percent want more services and higher taxes; 44 percent …
