House members work for changes to estate tax laws

Posted on December 15th, 2010 No Comments

The Bush-era tax cuts expire at the end of the month, and both Republicans and Democrats are pushing for additional changes.

Currently, House Republicans are working to pass a proposal that would exempt individuals with estates worth up to $5 million from estate taxes, while Democrats are trying to lower that number to $3.5 million. Republicans are also advocating to impose additional taxes on larger estates at a rate of 35 percent while Democrats are working to set the rate at 45 percent.

Democrats are also working to extend unemployment insurance and are concerned that the changes they want to estate tax laws will be subject to further compromise in later votes.

If you are seeking legal assistance in planning your estate, contact the Houston estate planning attorneys of Garg & Associates, P.C. by calling 281-362-2865 today.

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