Estate Tax Could be the Death of Small Business- Washington Examiner
by Terry Neese
November 04, 2009
Although health care is dominating the discussion in Washington and throughout the country, Congress will also be deciding on a number of other issues in November. For example, the proposed changes on the estate tax issue could have just as much of an effect on Americans and the economy.
Also known as the "death tax," the large (as much as 45 percent) federal tax on the property of the deceased is scheduled to be repealed for the year 2010, only to return in 2011 at the rate of 55 percent. Although the Senate passed an amendment back in April to reduce the tax to 35 percent, little to no attention has been paid to it in the House. That changes this week when the House Small Business Committee holds a hearing on the issue.