Senate Working on Estate Tax Revision

After 8 years of delay, the Senate is finally considering a revision to the Estate Tax. When the Bush estate tax reduction were passed in 2001. the Pres. Bush told Congress that 8 years would be enough time for the revision of the Internal Revenue Code Estate Tax provisions. As a method of assuring Congress would get busy, the law provides for a repel of the Estate Tax for 2010. Now, after dilly-dallying for 8 years, the Democrats don't want to see the Estate Tax Revenue disappear. They are scrambling to come up with a revision.

A bipartisan group of Senators is proposing a gradual reduction of the Estate Tax rate from 45% to 35% in 2019. Also the exemption would increase to $5 mil by 2019. Full Article....