California Estate Planning Blog by Kevin Staker

December 16, 2010

“Gnashing of Teeth”

Filed under: estate tax,estate tax news,Kevin Staker — Kevin Staker @ 9:43 am
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Many sources indicate the House will end up passing the Senate version of the Tax bill.  Businessweek has a good analysis of the likely steps to passage in the House.  The Democrats will try to amend the estate tax provision.  However, the final outcome will almost surely be passage as is.

Following is a segment of the article:

The House will vote on a proposal to amend the compromise plan with a higher estate tax sought by Democrats — and which Senate Republicans say they will refuse to accept. If that amendment fails, the House will vote on final approval of the bill passed by the Senate yesterday, 81-19.

Income taxes will increase across-the-board on Jan. 1 if Congress fails to pass a bill for Obama to sign.

“We’re perfectly aware” that passage of the estate-tax amendment would send the measure back to the Senate, said House Rules Committee Chairwoman Louise Slaughter, a New York Democrat. Asked whether the higher estate tax would pass, Democratic Representative Chris Van Hollen of Maryland, an assistant to House Speaker Nancy Pelosi, said, “I know that there’s strong support for it.”

Others said they doubted there would be enough support for the estate tax proposal, and the House will likely clear the Senate-passed measure and send it to Obama for his signature. “This has been a done deal for a while,” said House Agriculture Committee Chairman Collin Peterson, a Minnesota Democrat. He called the speculation over the estate-tax proposal “just a lot of gnashing of teeth,” as he left a meeting of House Democrats this morning.

Another great article at The Hill is not so adamant that the Democratic attempt to get the estate tax exemption down to $3.5M will fail.  However, it also indicates that is the likely conclusion.

So to keep up the story line: It is all over but for the gnashing of teeth.

By Kevin Staker

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