On Monday I wrote about a hearing held by a subcommittee of the House Committee on Small Business with regard to the challenges faced by small business owners in planning for an estate tax that is a moving target: Can Small Businesses Survive Planning for the Death Tax? The general consensus of those who testified before the subcommittee was regardless of where the federal estate tax exemption and rate end up, there needs to be a permanent solution so that business owners can make long term plans.
This hearing dovetails into the poll I posted back in January 2011 which asks the following question: What do you think Congress will do with the federal estate tax for 2013 and beyond?
At this point the poll has been up and running for over sixteen months and as of today 46% of those who have voted believe that Congress will end up extending the 2010 law which has resulted in the current $5.12 million estate tax exemption and 35% estate tax rate. All of the other choices - repeal the tax, bring back the 2009 exemption and rate, do absolutely nothing, or do something not mentioned at all - lag far behind in votes, with complete repeal having a slight edge over the others with 18% of the votes.
What does the poll not address? Of those voters who think that Congress will end up doing something to address the estate tax, if they believe Congress will do it before the end of 2012. This has prompted me to post a new poll below which asks the question, Will Congress take action on the estate tax before the end of 2012?
Please cast your vote, and then share your opinion: Readers Respond: Will Congress Fix the Estate Tax Before the End of 2012?
Once enough votes are cast, I will be able to compare the results of this poll to the one asking What do you think Congress will do with the federal estate tax for 2013 and beyond?
- What is the Federal Estate Tax?
- Overview of Current Federal Estate Tax Laws
- What is the Future of the Federal Estate Tax?
- How to Reduce or Even Eliminate Your Estate Tax Bill