House Vote on Death Tax Expected on Thursday
Congressman Bill Thomas has put together a "compromise" bill that would do the following: bq. [The bill] would...increase the exemption to $5 million per person, or $10 million per couple, beginning in 2010. A surviving spouse could use any portion of the $5 million exemption not used by his or her deceased spouse. bq. Estates worth up to $25 million would be taxed at rates equal to capital gains rates, currently 15 percent. Estates worth $25 million or more would be taxed at rates twice those in place for capital gains, currently 30 percent. CQ.com is reporting ($) that the House will vote on this proposal on Thursday where it is expected to pass by a wide margin. After that, the Senate will then attempt to pass it themselves. I'm skeptical.
