California Estate Planning Blog by Kevin Staker

September 15, 2010

Senate Finance Chair Indicates Estate Tax Fix Will Be Added to Middle Class Income Tax Cut Extension Bill

Filed under: estate tax,Kevin Staker — Kevin Staker @ 12:33 pm
Tags: ,

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

Advertisements

2 Comments »

  1. Is there still a possibility of a 2010 estate tax being reinstated?

    Comment by Lester — September 17, 2010 @ 2:52 pm | Reply

    • Possible but not very likely. Too many estates have “matured” this year already.

      Comment by kevinstaker — September 20, 2010 @ 5:07 pm | Reply


RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: