Rep. Foster Votes To Cut Estate Taxes

Press Release

Rep. Foster Votes To Cut Estate Taxes

Today, Rep. Bill Foster (IL-14) voted to pass H.R. 4154, legislation that would permanently extend estate tax relief to ensure that 99.8 percent of estates in America would not have to pay the estate tax.

"Particularly in a struggling economy, the estate tax can place an additional burden on small businesses and farmers, and by lifting this burden, small businesses and farmers will continue to be the engine that drives our economic recovery," said Foster. "According to the Joint Committee on Taxation, only 7,600 nationwide will pay the estate tax in 2011 as a result of this bill -- 37,000 fewer than would pay the tax under current law."

H.R. 4154 eliminates the wild fluctuations in the estate tax under current law. Without this legislation, the estate tax would be eliminated for one year in 2010, then permanently increase to a maximum rate of 55% in years to follow. H.R. 4154 will freeze the estate tax at the 2009 rate of 45 %. The bill also increases exemption levels so that Estates below $3.5 million for an individual, or $7 million for a couple, will be completely exempted from the estate tax.

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