California Estate Planning Blog by Kevin Staker

October 7, 2010

Uncertainty Increases

Filed under: estate tax,Kevin Staker — Kevin Staker @ 8:19 pm
Tags: ,

House Ways and Means Chair Levin has stated he believes Congress will extend the middle class tax cuts and fix the estate tax.  However, he wants the Senate to move first.   Capital.gr reports on an English language page that Levin stated:

“It’s preferable that the Senate will act first,” Levin said. “If they can’t act first, they won’t act second.”

Jay Heflin at The Hill correctly points out that if the Republicans win the Senate elections in West Virginia and Illinois as is now appearing very possible, those Senators will be seated very quickly because they are filling vacant seats.  Hence, it will be even harder in the lame duck session for the Democrats to peel off the votes needed to pass the tax cuts just for the middle class.  Hence, they may very well have to choose between tax cuts continuing for all or having no tax cuts for anyone.  Again, the estate tax may be lost in the confusion.

By Kevin Staker

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