Posted by
Defend America on Thursday, December 03, 2009 7:44:59 PM
House votes to extend tax on wealthy estates
Dec 3 03:15 PM US/Eastern
By STEPHEN OHLEMACHER
Associated Press Writer
WASHINGTON (AP) - The House
voted Thursday to permanently extend a 45 percent inheritance tax on
estates larger than $3.5 million, canceling a one-year repeal of the
tax set to begin next month.
A similar effort is afoot in the Senate, but the health care debate there could preclude action on the estate tax before Congress breaks later this month for holidays. There are also disagreements among senators over the tax rate and the size of estates that should be exempt, further clouding the bill's prospects.
...
The bill passed by a 225-200 vote, with all
Republicans opposed. Majority Democrats argued that a permanent tax
rate makes it easier for families and small business owners to do estate planning, noting that fewer than 1 percent of all estates are subject to the tax.
http://www.breitbart.com/article.php?id=D9CC1OQG3&show_article=1