The Wall Street Journal and a number of other media outlets report Majority Leader Reid is not allowing the Kyl-Lincoln amendment to the Small Business bill. He apparently opposes the amendment on its merits, a transition to a $5,000,000 exemption and only a 35 percent estate tax rate.
Hence, it now pretty clear that he is going to allow at most a $3,500,000 exemption with at least a 45 percent top rate. The question then is is Mr. Reid going to stymie any attempt to change the post 2010 estate tax law and allow the $1,000,000 exemption and 55 percent top marginal rate to go into effect in 2011.
By Kevin Staker