It looks like the House Democrats are looking for a 1 year fix to the Federal Estate Tax issue. As the law currently stands, at the end of this year, there will be an unlimited estate tax exemption. Then come 2011 and beyond, the estate tax exemption will be at $1million. Meaning anyone who passes away with over $1million will get taxed at 55%. Well the House Dems are looking to slap a band-aid on the estate tax issue by continuing this years rules into 2010.
You can read the article from www.nasdaq.com here: House Democrats to Ditch Permanent Estate Tax Bill for 1-Year Fix.
