Cleburne Times-Review, Cleburne, TX

Local News

December 8, 2009

Edwards supports estate tax repeal bill

U.S. Rep. Chet Edwards, D-Waco, on Thursday supported House passage of a bill providing a permanent repeal of estate taxes for 99.8 percent of American family farms, ranches and small businesses.

“As we work to strengthen our economy, it is important that we help family farms and small businesses protect and plan for their future,” Edwards said. “The estate tax often hurts economic growth and hits family farms and small businesses the hardest. Under this bill, 99.8 percent of small businesses, ranches and family farms will pay no estate taxes.”

The bill sets the estate tax exemption at $3.5 million for individuals and $7 million for a married couple. For assets more than $3.5 million, or $7 million for married couples, the maximum tax rate on estates is 45 percent.

Without the bill, Edwards said, the estate tax would be eliminated entirely in 2010, and in 2011, the maximum estate tax rate would increase to 55 percent, from 45 percent this year, and would apply to all estates equalling more than $1 million per individual.

“The current law is ridiculous and says if you die in 2010, your heirs pay no estate tax, but if you die one minute after 2010, you have to pay an estate tax rate of 55 percent,” Edwards said.

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Edwards supports estate tax repeal bill
by Special to the Times-Review , , Tue Dec 08, 2009, 10:16 AM CST
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