Thursday, July 14, 2005

Moving toward an estate tax bill

Senator Jon Kyl (R-AZ) says that he and counterpart Max Baucus (D-MT) have the framework of a long-term bill for the estate tax and are now trying to tie down details to get the bill through the Senate Finance Committee and, if possible, make it filibuster-proof. The bill will not eliminate the tax, as President Bush wants; but will reduce rates and tie a probably-increased unified credit (or equivalent exemption) to inflation. Additionally, the step-up basis provision and extended payment period for some taxpayers will be kept.


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