Skip to main content

View Diary: Today in Congress (126 comments)

Comment Preferences

  •  David; (0+ / 0-)

    Can you please explain this to me?

    plus several additional items such as UI extension, AMT relief, estate tax, 1099 repeal, making work pay credit, and others).

    What change or "relief" for the estate tax does this bill make?

    "In this world of sin and sorrow there is always something to be thankful for; as for me, I rejoice that I am not a Republican." - H. L. Mencken

    by SueDe on Sat Dec 04, 2010 at 07:16:10 AM PST

    [ Parent ]

    •  I'm guessing. (1+ / 0-)
      Recommended by:

      But based on previous go-rounds on the estate tax, it probably deals with the fact that the same reconciliation bills the Republicans used to enact these temporary income tax cuts were also used to phase out the estate tax, which under current law is actually 0%.

      But because of the intricacies of reconciliation rules, the phase out was sunsetted, and expires at the end of the year, after which estate tax rates return to their original levels. So that without any action being taken to deal with it, estate taxes beginning in 2011 go up to 55%, if I remember the figure correctly.

      I believe these amendments reset the rates to 2009 levels (45% at the top), with exemptions up to $3.5 million for individuals and $7 million for couples.

    •  It means that when you vote for Democrats, you (0+ / 0-)

      get Republican policies and when you vote for Republicans you get Republican policies.

      Frankly, it's a fraud to maintain an illusion of a Democracy, whereas we really are a plutocratic one-party state in which part of the ruling class pretends to give a damn about the people from time to time to maintain the illusion.

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site