Senate Republican from Arizona, Whip Jon Kyl, wants taxpayers to be able to have a choice about estate tax treatment when congress eventually acts, whenever that may be: abide by the current estate tax law or agree to whatever Congress passes. He believes that this is an effective way to handle the estates of those who died during the first part of this year when there was no new bill.
Additionally, Kyl’s plan to tax estates worth more than $5 million at thirty-five percent would also eliminate the current value calculation problem for taxing assets sold from estates.
See Jay Heflin, Support Grows for a Choice on the Estate Tax, The Hill, March 24, 2010.
