House Makes Death Tax Permanent Today
Despite Republican efforts to do away with the Death Tax, the House voted to pass H.R. 4154 with a final vote of 225 to 200. H.R. 4151 will extend the 2009 3.5 million personal exemption (7.0 million per couple) and the 45% tax rate above those levels through 2010. The bill now moves on to the Senate where it is expected to pass. Should nothing be changed, in 2010 there will not be a death tax.
The death tax has always been a hot topic as many believe that this money has already been taxed and should be left alone. Others see the dead as easy targets to generate tax revenues for their favorite government projects.
You should always do financial planning on current laws versus what might be. In this case, it appears that the tax is not going away.
Casey T Smith, Master of Estate Preservation (MEP)