Legislation setting a 35 percent estate tax rate with a $5 million exemption is now law -- at least for two years . . ....Read more
House Passes Bill Tying Estate Tax Cut to Minimum Wage Hike
- July 31st, 2006
Just before adjourning for their summer recess, House Republicans pushed through a bill cutting estate taxes for the wealthiest Americans while increasing the minimum wage for the poorest by $2.10 over three years.
The measure was assailed by Democrats as a cynical ploy to give Republicans the appearance of supporting an increase in the minimum wage without any danger of having it actually enacted. Sen. Harry Reid (NV), the Democratic leader in the Senate, promised that the bill would be killed when the Senate takes it up this week because of the estate tax provisions, which would exempt from taxation $5 million of an individual's estate and $10 million of a couple's by 2015.
The House also passed a bill that supporters say would strengthen pension plans that cover 44 million people. Its prospects in the Senate are better than those of the estate tax-minimum wage bill.
Meanwhile, the New York Times recently reported that the Bush administration is cutting by nearly half the number of lawyers at the Internal Revenue Service (IRS) who audit the estate tax returns of some of the wealthiest Americans. Some within the agency are charging that the job cuts are a back-door way for the administration to achieve what it can't achieve legislatively '“ complete repeal of the estate tax. For details, click here.
For a Boston Globe article on the House bill that would reduce the estate tax and increase the minimum wage, click here.
For a San Francisco Chronicle article on the pension reform bill, click here.
For more background on the recent legislative push to exempt the estates of many wealthy estates from paying any tax, click here.
Local Elder Law Attorneys in Ashburn, VA
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...
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...
Felinton Elder Law & Estate Planning Centers
Mindy Felinton concentrates in the areas of Medicaid planning, Veterans' Benefits, asset protection, nursing home planning, elder law, wills, estate planning, trusts, living wills, powers of attorney, probate administration and trust administration and began her legal career 30 years ago as an Assistant State Attorney...