The National Livestock Weekly December 7, 2009 • Vol. 89, No. 09 “The Industry’s Largest Weekly Circulation” Web site: www.wlj.net • E-mail:
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[email protected] A Crow Publication INSIDE WLJ House plan would extend death tax for 2010 Congress was set to vote last said exempting estates as large government borrowing. Committee which is responsible week to block the expiration of the as $3.5 million from the tax “will House Republicans continue to for writing tax laws. Camp said so-called “Death Tax.” Prior to the protect all but the wealthiest battle the change, opposing any he is concerned that the $3.5 vote, the tax on estates was to end Americans.” The current law was tax at all on estates passed from million exemption would not be in 2010 before coming back in 2011 the result of a compromise reached one generation to the next. indexed for inflation, meaning at an even higher rate. However, in 2001 as Republicans worked to “I don’t think death in and of more and more estates would be congressional action on H.R. 4154, eliminate the tax entirely, how- itself should be a taxable event,” subject to the tax in the future. which was introduced by Rep. Earl ever, they were forced to settle for said Rep. Dave Camp, R-MI, who Currently, the tax affects few Pomeroy, D-ND, will extend the 45 a gradual reduction and a one- is also the ranking member of estates. In 2009, about 5,500 SECTIONSECTION TTWO—ThisWO—This week’sweek’s edi-edi- tion of WLJ includes the quarterly percent tax on estates valued in year repeal.