Estate Tax

The House voted to permanently repeal the estate tax. The estate tax law that Congress enated in 2001 phases out the tax by increments. Currently, estates under $1.5 million are exempt, and the rest are taxed at 47%. In 2009, the tax will be 45% on estates larger than $3.5 million. In 2010, the estate tax will be gone, only to retun to pre-2001 levels (55% tax on estates larger than $675,000) in 2011.

According to the New York Times:

A Democratic amendment to extend the estate tax while exempting all but the three-tenths of 1 percent of estates valued at more than $3.5 million ($7 million for a couple) was rejected, 238 to 194, on a largely party-line vote.

So let me get this straight. These people have a problem levvying taxes on very few very large estates?

Oh, wait, the people who stand to inherit these large estates are the ones who get to vote against the tax bill.

Heh. For shame.