Estate Tax Repeal Update - Is Senator Kyl"s Secret Plan Closer to Becoming a Reality?
While Senator Jon Kyl (R-AZ) has yet to reveal the exact details of his plan for the future of the federal estate tax, rumor has it that Kyl is pushing for a compromise between Senate Democrats who want to reinstate the estate tax at 2009 levels and Senate Republicans who want repeal of the tax that went into effect on January 1 to remain permanent. Senator Kyl's "secret plan" allegedly calls for a $5 million federal estate tax exemption and 35% estate tax rate which, on the overall tax scale, is in sharp contrast to the $3.5 million exemption and 45% tax rate that were in effect in 2009.
Last Friday Tax Analysts reported in their Tax Notes Today that Senator Kyl believes he is "pretty close" to garnering the 60 votes required to pass a bill in the Senate based on his plan, although he also admitted that his estimate was based on an informal straw poll and not on any firm commitments.
To keep up to date on all of the bills addressing the federal estate tax that are currently before Congress, refer to Hani Sarji's Future of the Federal Estate Tax website and his section titled Estate Tax Bills in Front of Congress.
Last Friday Tax Analysts reported in their Tax Notes Today that Senator Kyl believes he is "pretty close" to garnering the 60 votes required to pass a bill in the Senate based on his plan, although he also admitted that his estimate was based on an informal straw poll and not on any firm commitments.
To keep up to date on all of the bills addressing the federal estate tax that are currently before Congress, refer to Hani Sarji's Future of the Federal Estate Tax website and his section titled Estate Tax Bills in Front of Congress.
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