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Permanent Estate Tax Relief For Families, Farmers, And Small Businesses Act Of 2009

Floor Speech

Date: Dec. 3, 2009
Location: Washington, DC
Issues: Business and Consumers Taxes Agriculture and Food Government Budget and Spending Housing and Property Family

Permanent Estate Tax Relief For Families, Farmers, And Small Businesses Act Of 2009

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Mr. VAN HOLLEN. Mr. Speaker, I rise in support of the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009.

If enacted into law, this legislation would permanently extend the estate tax at its current 2009 top rate of 45 percent and exemption level of $3.5 million, $7 million for joint filers. In so doing, H.R. 4154 will provide needed certainty for families engaged in estate planning while significantly reducing the total number of estates subject to the estate tax relative to current law. This measure is consistent with both President Obama's FY 2010 Budget, as well as Congress's FY 2010 Budget Resolution--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 urge my colleagues' support.

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