House Maj. Leader Predicts 2009 Estate Tax Will Become Permanent

The following is taken from Corey Boles and Martin Vaughan, Hoyer Supports Permanent Fix for Estate Tax, Wall St. J., Oct. 27, 2009.

House Majority Leader Steny Hoyer (D., Md.) said Tuesday he supports a move to permanently fix the estate tax at 2009 levels and expects it will be adopted by Congress before the end of the year.

The staff on the tax-writing Ways & Means Committee is working on legislation that would set the rate of the tax at current levels. . . . and continue the 2009 estate tax parameters indefinitely. . . . 

The extension would cost the taxpayer $233 billion over the next decade, because currently the federal budget assumes the rate will increase sharply from 2011.

Special thanks to Patrick S. Sylvester (Attorney & Counselor at Law, Sylvester Law Firm, PC) for bringing this article to my attention.