Legislation setting a 35 percent estate tax rate with a $5 million exemption is now law -- at least for two years . . ....Read more
Congress Approves Resolution Fixing Estate Exemption at $3.5M
- May 20th, 2007
The House and Senate have approved a $2.9 trillion budget resolution that would keep the estate tax at where it will be in 2009 under the current law. This means that the per-person estate tax exemption would be $3.5 million ($7 million for a married couple) and the top tax rate would be 45 percent.
Congress's vote for the nonbinding budget blueprint sets guidelines for it to follow when writing tax and spending legislation later this year. The House passed the measure by a 214-209 vote without a single Republican voting for it. The Senate vote was 52-40 in favor, with Republicans Olympia Snowe and Susan Collins of Maine joining Democrats in voting yes. The budget doesn't have the force of law and any changes to the estate tax would have to be made through subsequent legislation, but it is a clear sign of congressional sentiment.
The estate tax is set to expire in 2010, followed in 2011 by a return to 2001 levels, with an individual exemption of $1 million and a top tax rate of 55 percent. In the last Congress, Senate Republicans fell four votes short of a measure that would have increased the estate tax exemption to the first $5 million of an individual's estate and would have lowered the top estate tax rate to 35 percent.
For an earlier article on the estate tax, see "Fixing Estate Tax at 2009 Level Appears to Have Senate Support".
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...
The Law Firm of Evan H. Farr, P.C.
In practice since 1987, Fairfax Attorney Evan Farr is widely recognized as one of the leading Elder Law, Estate Planning, and Specials Needs attorneys in Virginia and one of foremost experts in the Country in the field of Medicaid Asset Protection and related Trusts. Evan Farr has been quoted or cited as an expert by n...
Hale Ball Carlson Baumgartner Murphy PLC
Loretta Morris Williams is a certified elder law attorney by the National Elder Law Foundation. Ms. Williams was admitted to the Council of Advanced Practitioners, National Academy of Elder Law Attorneys (NAELA) in 2012. She serves as President of the Virginia Academy of Elder Law Attorneys. Ms. Willia...