Congress scrambles to extend estate tax

WASHINGTON (AP) - Congress is working to extend the estate tax.

By: The Associated Press | WNCT
Published: December 02, 2009

» Comments | Post a Comment

WASHINGTON (AP) - Congress is working to extend the estate tax.
The current federal estate tax law is scheduled to disappear for one year before returning in 2011 at a higher rate. But the House is expected to vote as early as tomorrow on an extension. The bill would permanently extend the current top rate of 45 percent on estates larger than $3.5 million. Smaller estates would continue to be exempt from the tax.
The Senate is considering similar legislation, but is busy trying to overhaul health care. Senators would have to scramble to take up the estate tax this month.
Extending the tax would raise about $14 billion a year.
Some Republicans and small business groups call it a "death tax" and want it permanently repealed.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

Reader Comments

*Facebook Account Required to Comment. If you are not already logged into Facebook, please click the comment button to do so.

Deal of the Day

» More More Business News

Interactive Radar

Caught On Camera

Hundreds of Marilyn Monroe look-a-likes gather to break world record

A bear and moose take the path less traveled and hundreds of Marilyn Monroe look-a-likes try to break a record. The latest video and stories that will have you talking are coming up now in Take a Look At This!