Back at the end of March H.R. 1259, The Bipartisan Death Tax Repeal Permanency Act, was introduced in the U.S. House of Representatives by Rep. Kevin Brady (R - TX). This bill calls for the following:
- Repeal of the federal estate tax.
- Repeal of the federal generation-skipping transfer tax.
- Extension of the current $5 million lifetime gift tax exemption and 35% gift tax rate.
Back on April 4 when I first wrote about this bill, it only had six co-sponsors, but a recent check on its status reveals that it now has 74 co-sponsors. Could this really mean that permanent repeal of the federal estate tax and generation-skipping transfer tax are on the horizon? As I've said many times before, I won't be holding my breath, and the majority of the votes cast so far in my Estate Tax Straw Poll predict that Congress will simply extend the current $5 million estate tax and generation-skipping transfer tax exemption and 35% tax rate; full repeal has the fourth least number of votes out of the five total choices. As usual, when it comes to the laws governing the estate tax, stay tuned for a bumpy ride.
- April 4, 2011 - H.R. 1259 - Bipartisan Bill to Permanently Repeal Federal Estate Tax Introduced in the House
- View a list of the co-sponsors - H.R.1259 - Death Tax Repeal Permanency Act of 2011 - click on the link "View Co-Sponsors" that appears below Rep. Brady's picture
- Overview of Current Federal Estate Tax Laws
- What is the Future of the Federal Estate Tax?
- Share your opinion - Do You Think the Federal Estate Tax Should Be Repealed?