House Passes Permanent Death Tax Bill

By December 3, 2009Economy, Taxation

The House passed H.R. 4154, the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act, by a vote of 225-200. Here’s the roll call.

The NAM’s Key Vote Committee had urged a no vote on the bill. Earlier posts on the issue.

UPDATE (5:10 p.m.): Should note that a motion to recommit was defeated, 187-233. (Roll call vote.) The motion included instructions to extend the one year of a 0 percent rate from 2010 to 2011.

The bill now goes to the Senate, which will do this or that and pass something to send back to the House and some conference agreement will win passage the last day before Congress breaks for the Christmas recess. Letting the tax disappear in January 2010 — as now called for in current law — and then return in full force of 55 percent in 2011 is politically untenable.

UPDATE (5:25 p.m.): Bloomberg story, “House Votes to Restore Estate Tax, Exempt $7 Million,” covers the bases, although it’s odd that the editors use the $7 million figure as the exemption. Not every business is owned by a married couple. The better point of reference is the basic one: A $3.5 million wealth exemption.

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