See How Your Politicians Voted
Title: Death/Estate Tax Amendment
Vote Smart's Synopsis:
Vote to pass a bill that reduces estate taxes beginning in 2010.
- Increases the amount eligible for exemption in gifts and estates to $5 million as of 2010 (Sec. 2).
- Decreases the tax rate for estates up to $25 million to 15 percent (Sec. 2).
- Decreases the tax rate for estates above $25 million to 30 percent (Sec. 2).
- Provides a 60 percent tax deduction of the qualified timber gain or the net capital gain, depending on which is less, of timber sales to those who choose to apply (Secs. 4, 1203).