DailyFinance.com in an article by Sara Hansard reports that Sander Levin, Chair of the House Ways and Means Committee, is concerned about the inequities of the present estate tax law. Rep. Levin was speaking a lunch at the National Press Club on April 19th.
The article states the following:
Levin indicated he wants to change the current estate tax law. In 2010, the estate tax expired, but under current law in 2011 it will revert to 2000 levels, when estates worth more than $1 million were liable for the federal tax. In 2009, estates below $3.5 million were not liable for estate tax.
“I find this uncertainty unacceptable and unfair,” Levin said. Many wills are written to leave as much to the children as possible below the threshold at which estate taxes must be paid, with the rest going to the surviving spouse. “Today that means that the children may well be left with nothing,” he said.
By Kevin Staker