Bay Area Wills, Trusts & Probate Report
House to Vote Soon on HR 4154
According to the article, we could see a vote on H.R. 4154 as early as tomorrow. (Admittedly, some of us were disappointed not to see a vote today.) The OMB Watch article summarizes and provides links to:
- OMB Watch's statement of support (pdf) for the bill
- analysis (pdf) released today by the Center on Budget and Policy Priorities
- report (pdf) released today by Citizens for Tax Justice
H.R. 4154 provides for a $3.5 million federal estate tax exemption for individuals ($7 million per couple) and sets the federal gift and estate tax rates at 45%. Therkildsen reports that the Center on Budget and Policy Priorities finds the Pomeroy bill "more than reasonable" and Citizens for Tax Justice "concludes that H.R. 4154 is somewhere in the middle of the spectrum between good and bad tax policy."
Therkildsen also reports:
On the other side of the debate, legislators looking to further reduce or eliminate the estate tax are preparing to introduce their legislation as well. A bi-partisan bill (H.R. 3905) sponsored by Rep. Shelley Berkley (D-NV), which almost mirrors a Senate proposal introduced by Sens. Blanche Lincoln (D-AR) and Jon Kyl (R-AZ), would reduce the estate tax to a $10 million per couple exemption at a 35 percent rate.