David Rogers at Politico.com reports that Senator Baucus, Senate Finance Chair, has stated that the estate tax will be part of the bill that would extend the middle class income tax cuts. The article states the following:
Long-delayed small-business legislation broke through in the Senate Tuesday, even as Democrats signaled they want to add permanent estate tax relief to their draft bill extending middle-class tax breaks due to expire at the end of this year.
Senate Finance Committee Chairman Max Baucus (D-Mont.) said he favored making both the estate and the middle-class rates permanent and believed his caucus is moving in that direction, even if it means adding to future deficits. Read more at http://www.politico.com/news/stories/0910/42183.html#ixzz0zbIajNbB
That is a relief to hear. Up to this point we had not heard anyone state that the estate tax fix (increasing the 2011 exemption from $1,000,000 to at least $3,500,000) would be part of the middle class income tax cut extension proposed by the President and most Democrats in Congress.
By Kevin Staker