Nasdaq: “House Democrats are retreating from a plan to move permanent estate tax legislation by the end of the year, spooked by high unemployment and budget deficits. Members of the House Ways and Means Committee said that instead they hope to move legislation that extends current estate tax levels for one year. They could then revisit a permanent fix to the estate tax in 2010, when other tax cuts enacted under the administration of former President George W. Bush are slated to expire.”
Related posts:
- Estate Tax Reform Bill Passes House, Moves to Senate
- Estate Tax Extension Seen By Year-End, But Not Permanent Fix
- Deadline Looms on Estate Tax Repeal
- House Majority Leader Supports Permanent $3.5 Million Estate Tax Exemption
- Let’s Keep the Death Tax Dead
- How the Expiring Bush Tax Cuts Affect You
- CCH Briefing Details House Estate Tax Measure
- Expiration of Bush Tax Cuts Would Cost Families Thousands in 2011, Study Shows
- Estimate Your 2011 Federal Income Tax with the Tax Calculator
- House Votes to Extend Tax on Wealthy Estates
The Estate Tax does two things: it lines the pockets of life insurance companies to the tune of $12 Billion a year, and it forces small family businesses to either close or scale back operations – either of which costs jobs. America needs jobs now. On top of all that, the tax has never brought in more and %1.5 percent of the federal budget, and in 2009 it will bring in less than 1%. (for more about this tax, visit http://www.estatetaxtruth.org)
The fact that the democrats in Congress want to keep this tax highlights yet again how their class warfare ideology is isolating them from reality.