Estate Tax Update
Last week Senator Max Baucus (D-Mont) stated that action on a small business tax cut bill should be coming forth and then shortly thereafter, a bill on the estate tax. He stated that discussions will begin with the estate tax exemption from 2009 which was $3.5M per person with a tax rate of 45% for anything above and behond $3.5M.
Having read the above in an article, this is what it really means. It is very unlikely that anything will be up for a vote or passed until after the November election. If they made good time on the small business bill, that means they would not get to the estate tax bill until June or July, making it likely a vote would not take place on it until late September or October. Due to the mid-term elections in November, there will not be anyone available to vote on the bill. This subject will show up in the November elections and will be politicized. Stay tuned to further updates...
To learn more about the estate tax, please consult with an estate planning attorney or other estate planning professional.
