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An IRS Prediction by Senator Charles Grassley
By Robert Giese
bob.giese@chsfl.org
Senate Charles Grassley (R-IA) is the ranking Republican on the Senate Finance Committee. In a conference call with several reporters on June 2nd, 2010, he discussed the uncertain future of the estate tax.
The Proposal [Kyle-Lincoln Estate Tax Compromise]
Sen. Grassley noted that Sen. Jon Kyle (R-AZ) and Sen. Blanche Lincoln (D-AR) have proposed that the Senate Finance Committee pass an estate tax bill with a $5 million per person exemption and a 35% top estate tax rate.
However, Grassley expressed the opinion that “the Finance Committee would like to take up consideration of legislation, but we aren’t assured by the majority leader that the bill passed out of committee will be taken up on the floor.”
Senate Rules
Under the Senate rules, even if the Finance Committee were to pass the Kyle-Lincoln estate tax compromise, Majority Leader Harry Reid (D-NV) is not obligated to schedule a floor vote and could simply stall the legislation.
Assessment
In December of 2009, the House passed the Permanent Estate Tax Relief for Families, Farmers and Small Businesses Act of 2009. This makes permanent the 2009 estate exemption of $3.5 million and top estate tax rate of 45%. If the House and Senate are not able to take action on estate taxes by the end of 2010 then on January 1, 2011 the estate tax returns with a 55% top rate and an exemption of $1 million (plus indexed increases).
This would affect many medical professionals as well as hardworking Americans.
Conclusion
If this were to happen, Sen. Grassley stated that there will be a “tremendous upheaval at the grassroots of America.”
And so, we invite IRS head Douglas Shulman to respond. Your thoughts and comments on this ME-P are also appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, be sure to subscribe. It is fast, free and secure.
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Filed under: Estate Planning, Financial Planning, Taxation | Tagged: Charles Grassley, Douglas Shulman, estate tax, estate tax exemption, ITS, Kyle-Lincoln Estate Tax Compromise], Permanent Estate Tax Relief for Families, Robert Giese, Senate Finance Committee | 7 Comments »
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