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12/7/2009
House votes on Estate Tax

The U.S. House of Representatives approved a measure making the current estate tax rate permanent. The bill passed, 225 to 200, with 26 Democrats joining all Republicans present to vote no. It would make permanent the current estate tax rate of 45 percent, with an exemption of $3.5 million per individual. If the Senate does not act, the estate tax would disappear altogether in 2010, then return in 2011 under the higher rates -- 55 percent and a $1 million exemption -- that were in place over a decade ago.

The Senate faces a December 31 deadline to address the issue, but it is not clear when that chamber will find the time to do so in the midst of its marathon healthcare debate. It is also unclear whether the House's approach on the estate tax could garner the 60 votes necessary to move forward in the Senate.

For more information, click here to visit the American Forest Foundation's 'Estate Tax' web page.

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