Tags: estate | tax

Hoyer: Congress Will Revise Estate Tax in 2009

Tuesday, 27 Oct 2009 09:48 AM

WASHINGTON -- The U.S. House of Representatives will revise the estate tax -- or inheritance tax -- before it expires at the end of 2009, the chamber's No. 2 Democrat said on Tuesday.

"I expect it to come forward this year, whether it comes in the next two weeks or the next six weeks, I expect the estate tax to move in the House of Representatives," House Majority Leader Steny Hoyer said at a news conference.

The estate tax, which taxes the transfer of assets from a deceased person to others, will disappear for one year at the end of 2009 without congressional action.

The current policy exempts the first $3.5 million in an individual's estate, with a maximum tax of 45 percent on property after that.

After 2010, the tax reverts to pre-2001 levels exempting $1 million in property, with a maximum rate of 55 percent above that.

© 2015 Newsmax. All rights reserved.

1Like our page

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved