Death Tax Repeal Permanency Act

The Death Tax Repeal Permanency Act is likely to pass in the House of Representatives with a strong majority. Currently the federal estate tax is set at a rate of 35% and there is a $5 million exemption. These figures came from the Middle Class Tax Relief Act, and the legislation is set to expire at the end of 2012. Unless Congress acts to permanently repeal the tax, the death tax will return to 55% with a $1 million exemption. 

The majority of the House of Representatives support the permanent death tax repeal, but the White House and Senate leaders ignore the research that indicates the death tax at any level can be bad for small businesses and federal revenue. They also ignore the polls that show that 2/3 of Americans support a permanent repeal.

See Death Tax Repeal Permanency Act – HR 1259, Senior Legacy Foundation, Feb. 13, 2012. 

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.