Tags: estate | tax

Hoyer: Congress Will Revise Estate Tax in 2009

Tuesday, 27 Oct 2009 09:48 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

WASHINGTON -- The U.S. House of Representatives will revise the estate tax -- or inheritance tax -- before it expires at the end of 2009, the chamber's No. 2 Democrat said on Tuesday.

"I expect it to come forward this year, whether it comes in the next two weeks or the next six weeks, I expect the estate tax to move in the House of Representatives," House Majority Leader Steny Hoyer said at a news conference.

The estate tax, which taxes the transfer of assets from a deceased person to others, will disappear for one year at the end of 2009 without congressional action.

The current policy exempts the first $3.5 million in an individual's estate, with a maximum tax of 45 percent on property after that.

After 2010, the tax reverts to pre-2001 levels exempting $1 million in property, with a maximum rate of 55 percent above that.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved