Last week the Hill reported that Senate Finance Chair Grassley expressed his frustration with the delay in the Senate in dealing with the estate tax. He accused Senator Reid and the other Democratic Senate leaders of “slow-walking”. He quite correctly pointed out if nothing is done we will end up back at a $1,000,000 estate tax exemption, which he said is “just not right”.
House Majority Leader Steny Hoyer today commented that the “Bush tax cuts” as they have been called may not be extended even for the middle class. The reason is the need for revenue to bring down the huge upcoming federal deficits. As part of such remarks, Mr. Hoyer commented that the estate tax was part of such tax legislation that will be expiring in 2011 and so is “in limbo”. Mr. Hoyer made the comments before a seminar sponsored by a progressive think tank, The Third Way. The quote was in article at Marketnews.com.
The Hill article was by Jay Heflin and is located at http://thehill.com/blogs/on-the-money/domestic-taxes/104241-grassley-accuses-democrats-of-slow-walking-estate-tax-fix
The Marketnews.com article was by John Shaw and is located at http://imarketnews.com/?q=node/15375
By Kevin Staker