California Estate Planning Blog by Kevin Staker

December 9, 2010

Oops! Passage Still Looks Likely But Not Certain. House Democrats Now Playing Chicken With the Republicans and the White House

Filed under: estate tax,Kevin Staker — Kevin Staker @ 11:31 am

Sorry, short on time.  Looks like House Dems have votes to prevent passage of tax act in the Congress.  See very interesting tally of votes at The Hill.

Game of chicken now on between them versus the Republicans in Congress and their own President in the White House.  Sticking point most of all the high estate tax exemption and low rate.   They may all settle at $3.5M and 45 percent if the Dems stick to their guns.  Not likely they will not however.


1 Comment »

  1. The 2010 issue has been keeping me up at night as well, my mother having passed away earlier this year with an estate worth roughly 3 million. But the carryover basis on her quite expensive property would have me paying taxes back to the early 80s value. Alas, its not at all clear to me that the architects of this legislation understand the stakes here, for, as you point out, if one googles “estate tax” and “2010” and “retroactive,” one turns up very little. My fear is that the families of 2010 decedents will be forgotten in all this. L.

    Comment by Lfmidcome — December 9, 2010 @ 12:20 pm | Reply

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