October 22, 2009
Today Congresswoman Shelley Berkley (D-NV) introduced her bipartisan estate tax reform bill with fellow sponsoring Representatives Artur Davis (D-AL and member of Congressional Black Caucus), Kevin Brady (R-TX and repeal bill sponsor) and Devin Nunes (R-CA). All four sponsors sit on the tax-writing Ways & Means Committee. Similar to the Lincoln/Kyl compromise, the bill would result in the reduction of the estate tax rate to 35%, increase of the exemption to $5 million indexed for inflation and elimination of the deductibility of state estate taxes. The bill would phase in the permanently lower rate and higher exemption.
As we previously reported, the House Democratic Caucus continues to consider whether to move a one-year freeze or permanent estate tax reform. In the past few days, House leaders have taken that discussion increasingly public. We continue to work strategically with allies in the House and Senate and the family business community toward the maximum estate tax relief that provides permanency and certainty without increasing the burden on families.