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Estate Tax Deal

Estate Tax Deal - On December 6, 2010, President Obama announced that a tentative deal has been reached with Republicans to extend the Bush Tax Cuts.

Significantly, the estate tax would come back in 2011, but at an exemption and rate that many Republicans have been arguing for. Under the deal, the estate tax exemption would be up to $5 million for individuals and $10 million for couples. The tax rate would be at 35%. The exemption and rate would be in effect for two years.

American Farm Bureau Federation has been backing a $5 million exemption and a 35% tax rate. This is the exemption and rate that was proposed by Sens. Blanche Lincoln [D-AR] and John Kyl [R-AZ].

But many Democrats are opposed to a tax rate of 35%. Just a few days ago, Sen. Baucus proposed legislation with a permanent estate tax rate of 45% and an exemption of $3.5 million for individuals and $7 million for couples. Sen. Baucus’ proposal failed to get the 60 votes in the Senate that are needed to break a filibuster.

Estate Tax Deal
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