I am often critical of Representative Bob Etheridge, my representative to Congress. I often disagree with Bob on many issues. When he does what is right, I also give him his due. In this case, he is doing what is right, but just not quite far enough. I just wish he went a little further and sought to totally eliminate the estate tax. Barring that, this is a good step in the right direction.
From WTSB's news site.
Etheridge Co-Sponors Estate Tax Bill
U .S. Rep. Bob Etheridge (D-Lillington) has co-sponsored the Certain Estate Tax Relief Act of 2009. The bill would make permanent the current $3.5 million individual estate tax exemption, providing estate tax certainty for all Americans and will benefit family farmers and small business owners. “This legislation is a fiscally responsible way to protect small business owners and family farmers from the unintended effect of the estate tax,” said Etheridge. “This bill will end the estate tax for 99.7 percent of Americans and, equally as important, provide certainty in estate planning for those few who are affected.” The legislation would reform the nation’s tax code by maintaining the individual estate tax exemption at $3.5 million ($7 million per couple). Less than 0.3% of Americans would be subject to the estate tax with this exemption. Current tax law repeals the estate tax in 2010 for just one year. Under current law, the estate tax returns in 2011 with only a $1 million exemption, which would then affect nearly 50,000 Americans and 3,000 family farms. The Certain Estate Tax Relief Act of 2009 offers a fiscally responsible alternative that allows families the ability to plan for their estates with certainty.