House Votes to Make Estate Tax Permanent

[cal04]

http://www.nytimes.com/reuters/2009/12/03/us/politics/politics-us-tax-estate.html?_r=1

The U.S. House of Representatives passed a permanent extension of the federal estate tax on Thursday, but the measure, which taxes estates at rate of 45 percent after exempting the first $3.5 million, is likely to be changed in the Senate.

The current tax is due to expire on December 31 but return in 2011, when it will exempt just the first $1 million of an estate while taxing the remainder at a rate of 55 percent.

Keeping the current rate would cost the government $234 billion of revenue over 10 years, according to a congressional tax committee.

The bill passed 225 to 200, drawing all its support from Democrats.

"The estate tax is critical to prevent a permanent aristocracy from arising in this country," said Jared Polis, a Colorado Democrat who said, as one of the wealthiest members of the House, he would pay the tax under the bill.

[valerief]

1. Well, as long as they're taking care of the really important things.

Now for their holiday party plans and a few millions atta boy resolutions.

[maxsolomon]

2. if it's critical to prevention, how come we have a permanent aristocracy already?

and we've essentially always had one?