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FYI - Vote for Estate Tax Repeal Delayed; Senator Kyle Prepares Amendment to H.R. 8
Aides to several key Senators have announced that there will be no vote of estate tax repeal in the Senate until after all the relief for the hurricane victims has been secured and the rebuilding in Louisiana, Mississippi and Alabama begins. Therefore, we can expect that nothing should happen for at least several weeks.
In the meantime, Senator Kyle's has drafted an amendment to H.R. 8 which would:
Increase the applicable exclusion amount to $5,000,000 Provide a cost of living adjustment to the estate tax applicable exclusion amount after 2010 Change the federal estate tax rates to a flat rate of 15% - in 2010 Reduce the gift tax after 2009 to a flat rate of 15% Maintain a step-up-in-basis regime Repeal the sunset provision.
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