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Bipartisan Estate Tax Bill Introduced in House
- August 31st, 2007
With the estate tax set to expire in 2010, a bipartisan bill has been introduced in the U.S. House of Representatives that would increase the estate tax exemption by $250,000 every year from 2009, when the exemption is set to be $3.5 million, until 2015, at which point the exemption would have increased to $5 million. From 2015 on the exemption would rise at the rate of inflation.
The bill, introduced by Reps. Harry Mitchell (D-AZ) and Christopher Shays (R-CT), would also create two tax rates: 15 percent for estates worth $25 million and less and 30 percent for estates worth more than $25 million. Under current law, the top tax rate will be 45 percent in 2009.
Earlier in the year, the U.S. Senate voted 51-41 to reaffirm its support for a budget resolution that establishes the current-law 2009 estate tax rules through 2012.
To read a copy of the bill, H.R. 3170, click here.
Local Elder Law Attorneys in Ashburn, VA
Needham Mitnick & Pollack, PLC
Susan Pollack served as Chairperson of the Falls Church Senior Citizens Commission from 1997 to 2011 and was on the Executive Board of the Falls Church Education Foundation. She has also served on the Board of Directors of the Alzheimer’s Association of the National Capital Area and is a member of the Arlington B...
Margaret A. O'Reilly, PC
Margaret A. O’Reilly is an estate planning and elder law attorney with over thirty-five years of legal experience. Attorney O’Reilly graduated from Duke University with a degree in psychology, and received her law degree from Northeastern University School of Law in Boston, Massachusetts. For over 15 y...
Hale Ball Carlson Baumgartner Murphy PLC
Jean Galloway Ball is certified in Elder Law by the National Elder Law Foundation. She is a 1977 honors graduate of the National Law Center, George Washington University, and she did her undergraduate work at the University of California at Berkeley, graduating Phi Beta Kappa in 1971. She is admitted to practice in Vir...