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HR 5638 - Death/Estate Tax Amendment - National Key Vote

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Title: Death/Estate Tax Amendment

Vote Smart's Synopsis:

Vote to pass a bill that reduces estate taxes beginning in 2010.

Highlights:

  • 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).

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