Politics

Estate Tax on the House floor this week

This week the House Democrats are voting to reinstate the Estate Tax at 45% with a $3.5 million exclusion amount. Democrats propose that this will provide a permanent fix to the estate tax, but the tax is not adjusted for inflation and does not adjust the alternative valuation for farmland or the deduction for family-owned businesses.

Congressman Conaway will offer two amendments today to adjust the exclusion amount to inflation and increase the alternative valuation for farmland to $1.85 million (adjusted to inflation) and $2 million for family owned businesses. It is doubtful that Speaker Pelosi will allow these permanent fixes to the floor, but we hope to gain some support from moderate Democrats on the proposal. Austin Weatherford- Legislative Assistant on tax policy to Rep. Mike Conaway

Full post as published by Mike Conaway's Blog on December 02, 2009 (boomark / email).