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ESTATE TAX: BIGGER EXEMPTION, BUT SAME RATES?
June 29, 2005
Tax Analysts brings us the latest rumors on the progress towards a permanent estate tax compormise:
Senate Finance Committee ranking minority member Max Baucus, D- Mont., told reporters on June 28 that his compromise efforts on the estate tax are still preliminary, but that some Democrats have noted that raising the exemption tends to cost less than lowering the rates.
"There's a little more emphasis now on exemptions," he said.
Baucus also said there is little support for carving out specific exemptions for family-owned businesses or farms, largely because such exemptions are "so incredibly complicated."
Tax Analysts link (subscribers only)
Recent Tax Update coverage: ESTATE TAX TO OUTLIVE KPMG?
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