Van Hollen Statement on the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act

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Van Hollen Statement on the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act
Permanently Extends Estate Tax Relief to Ensure that 99.8 Percent of Estates in America Never Pay a Dime of Taxes

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Washington, Dec 3, 2009 -

Today Congressman Chris Van Hollen (D-MD) issued the following statement on House passage of the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act. The bill permanently extends the estate tax at its current 2009 top rate of 45 percent and exemption level of $3.5 million ($7 million for joint filers).

“This legislation will permanently extend the estate tax at its current levels and provide needed certainty for families engaged in estate planning, while significantly reducing the total number of estates subject to the estate tax. This bill ensures that 99.8 percent of estates in America never pay a dime of taxes.

“This measure is consistent with both President Obama’s FY 2010 Budget, as well as Congress’ FY 2010 Budget Resolution. Additionally, and importantly, today’s rule incorporates statutory PAYGO into the underlying initiative, which will go a long way towards restoring our nation’s long term fiscal discipline. I’m proud to have joined my colleagues today in passing this bill.”

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