California Estate Planning Blog by Kevin Staker

September 28, 2010

My Present Prediction: Better Than Even Odds of No Estate Tax Fix

Filed under: estate tax,Kevin Staker — Kevin Staker @ 6:25 pm
Tags: ,

The Hill reports the Democrats in Congress will try to cram 20 bills into the post-election lame duck session.  I predict few of the bills will pass, including the estate tax fix.  The reason is they all must go through the Senate.  At least one Republican must side with the Democrats to avoid a filibuster.  The Republicans, even the more liberal, will only allow to pass what needs to be passed.  They will not want a Democratic majority Congress to get the credit.  They will want the credit (at least in the House where they will almost surely have a majority, close but no cigar in the Senate thanks to McDonnell getting the nomination in Delaware, where she will lose (how is that for stream of consciousness?))

I do believe the Democrats will get a Republican or two to side with them on extending the Bush tax cuts for only the middle class.  However, I believe more likely than not that bill will be trimmed down to only that issue.  I believe issues such as the estate tax, capital gains and dividends, will all be left out in order to get the votes.  Hopefully, I am wrong.  We shall see.

By Kevin Staker

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