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December 23, 2009. Estate Tax Update. Senate Democrats have failed to reach a deal with Senate Republicans to temporarily extend the estate tax into 2010, when it is scheduled to be repealed for one year. But, that doesn't necessarily mean there won't be any estate tax next year. If the Senate adjourns without getting an extension before Jan. 1, Senate Finance Chairman Max Baucus, D-Mont., and House Ways and Means Chairman Charles Rangel, D-NY, will try to get it reinstated for 2010 after the New Year, according to Congress Daily. "We'll clearly work to do this retroactively", Baucus said. Baucus and others were pushing to temporarily extend the estate tax in 2010, when lawmakers are expected to debate what permanent changes they wish to make to the tax. The temporary extension would have kept the 2009 estate tax levels in place: the first $3.5 million of an estate would be exempt from the estate tax and the highest rate on the taxable portion of an estate would be 45%. continued ... |
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Copyright © 2009 Jeff Christian. All rights reserved.
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