California Estate Planning Blog by Kevin Staker

June 2, 2010

Senate Republican Finance Chair Encourages Senator Majority Leader to Act on the Estate Tax

Filed under: estate tax,Kevin Staker — Kevin Staker @ 11:34 pm
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The Hill reports that Senator Grassley is encouraging Majority Leader Reid to move forward on the estate tax.  They report that Senator Grassley, who is the ranking Republican member on the Senate Finance Commitee, is calling for Senator Reid to “show his cards”.  He indicates he believes the Finance Committee has a deal on the estate tax worked out but that Reid would not let such bill go to a vote.  One would assume because as reported before, there are a number of the more liberal Democratic senators who would object.

The Hill reports Senator Grassley is concerned that if no action taken, under present law, the estate tax will come back in 2011 with only a $1,000,000 exemption:

“Reid will not really give us a clear direction,” Grassley said, adding, “I think that there’s going to be a tremendous upheaval at the grassroots of America – and more rural America than big city America – if it looks like we’re going to revert to the million-dollar level.”

Otherwise, there has not been much to report regarding the estate tax for some time.

The article was written by Jay Heflin and is located at http://thehill.com/blogs/on-the-money/domestic-taxes/101083-grassley-urges-reid-to-act-on-the-estate-tax

By Kevin Staker

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