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House votes to continue 2009 estate tax system permanently
December 04, 2009
Those of you who were planning to die next year to take advantage of the scheduled one-year repeal of the estate tax may need to make other plans. The House of Representatives yesterday voted to permanently extend the 2009 rules, with their 45% rate and $3.5 million lifetime exclusion.
The bill is a long way from passing. The Senate seems to want to make some changes in the estate tax, including lower rates, higher exemptions, and indexing. Let's hope the final bill also includes some simplification, including carrying over unused exemptions to widowed spouses and matching the gift tax exclusion, currently $1 million lifetime, to the $3.5 million estate tax exclusion.
The Tax Prof has a roundup. Kay Bell and Peter Pappas also have thoughts.
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