I thought it automatically renewed?
If not Kyle needs to be defeated.
The estate tax comes back in 2011 with an exemption amount of $1 million. Kyle wants to raise that to $3.5 million which is where it was last year. He should be commended not defeated.
RE: I thought it automatically renewed?
Without action, under current law the tax will rise to 55 percent, with an exemption level of $1 million.
Kyl and Lincoln want to make it less onerous (see their proposal above).
I disagree with them of course. I want it SCRAPPED altogether, permanently.
The headline is not accurate. Unless a new law is passed, the estate tax next year will take 55% of the fair market value of a decedent’s estate above a $1 Million exemption.
He needs to be defeated regardless!