Wednesday, July 14, 2010

Lincoln files estate tax bill

Posted By on Wed, Jul 14, 2010 at 9:35 AM

News release this morning from Sen. Lincoln's office on jump. She says it's time to protect farmers. Right.

Update: Blog reader Stephen Koch (no relation to billionaire David mentioned below) alerts us to this article in Talking Points Memo on the position taken by Lincoln's pal on the estate tax proposal, Minority Whip Jon Kyle, and other Repubs that tax cuts generate money for the treasury and don't need to be paid for, but extending unemployment benefits don't and do.

Please note that the cut in the top estate tax, from 45 to 35 percent, will be worth a cool $9 billion at current values to just the top five Walton estates. 9 BILLION. Who'll pay for that lost revenue (not just from Waltons but Kochs, etc.) over the years? The working schlubs, that's who.

Lincoln, Kyl Introduce Estate Tax Reform Proposal

Washington, D.C. — U.S. Senators Blanche Lincoln (D-Ark.) and Jon Kyl (R-Ariz.) introduced late Tuesday a proposal to permanently reform the federal estate tax.

The proposal would require the Senate Finance Committee to amend H.R. 5297, the Small Business Lending bill, to permanently set the estate tax rate at 35 percent, with a $5 million exemption amount phased in over 10 years and indexed for inflation. It would also provide a “stepped up basis” for inherited assets.

“It’s time to take decisive action on the estate tax, and provide the permanent solution that Arkansas’s hardworking farmers and small businesses are desperately seeking,” Lincoln said. “Uncertainty in the estate tax law has caused incredible difficulties for these individuals, which is why I have fought for a quick resolution to the issue that is both permanent and fair. One way to improve upon an already strong legislative initiative that includes tax incentives and a number of other benefits for small businesses is to ensure that we reach a permanent solution on the estate tax to provide small business owners and famers with the certainty they need.”

“If the Small Business Lending bill is intended to help small business create jobs, wouldn’t it make sense to provide small business owners with the certainty that their tax rates aren’t going to skyrocket at the beginning of next year?” said Kyl. “In just six short months, American taxpayers will face the largest tax hike in history unless Congress acts. It is estimated that more than a half million American families will pay the estate tax over the next decade, and the lack of congressional action creates a tremendous amount of uncertainty for these families, small-business owners, and farmers. This uncertainty is one of several factors acting to prevent a strong economic recovery from taking hold.”

The Lincoln-Kyl proposal provides an election for deceased taxpayers to either retain this year’s estate tax rate, which is zero percent with “carry over basis,” or file under the provisions of the new bill.

Their proposal also instructs the Senate Finance Committee to offset the difference in revenue loss between the Obama administration’s proposed 45 percent estate tax rate with a $3.5 million exemption amount and their proposed reform.

If Congress does not act this year, the federal estate tax is scheduled to increase to 55 percent with only a $1 million exemption at the beginning of 2011.

Senators Lincoln and Kyl introduced a similar measure in April 2009 that received broad bipartisan support and was successfully added to the non-binding congressional budget resolution.

Tags: , , , ,

Favorite

Speaking of...

Comments (25)

Showing 1-25 of 25

Add a comment

 
Subscribe to this thread:
Showing 1-25 of 25

Add a comment

More by Leslie Newell Peacock

  • Support Central High School's art program: Shop tonight

    Call it #givingThursdayto Central High: The art faculty and students at Central High School are selling their work TONIGHT to raise money to buy art supplies for the school. The prices range from $1 up! There will also be a silent auction of work by Central High instructors Jason McCann, Amanda Heinbockel, Leron McAdoo, Loni Rainey, Stacey Mitchell, Don Enderson, Karen Terry and Rex DeLoney, and LRCH alumni Laura Raborn, Jennifer Perren, Lizzie Gillum and others.
    • Dec 8, 2016
  • Santa-sized 2nd Friday Art Night: Richard Leo Johnson, Rex Deloney, McLeod anniversary, the Nog-Off and more

    Prepare for a busy 2nd Friday Art Night tomorrow night, where folks will be celebrating Matt McLeod Fine Art's first anniversary, listening to the Arkansas Chamber Singers at the Old State House Museum, prefacing a performance by Richard Leo Johnson with an exhibition of his photographs at the Butler Center Galleries, hearing a talk and demonstration by Robert Bean about his creative process at Arkansas Capital Corp., and slinging back eggnog while seeing new works by Rex Deloney at the Historic Arkansas Museum. Read more about Johnson, the Chamber Singers and 2nd Friday Art Night here.
    • Dec 8, 2016
  • Pantry's Bohm buys Hillcrest Artisan Meats

    Tomas Bohm, owner of Czech and German eateries The Pantry in West Little Rock and The Pantry Crest in Hillcrest, will take over the space now occupied by Hillcrest Artisan Meats at 2807 Kavanaugh Blvd. next year. Brandon Brown and his wife, Tara Protiva-Brown, will continue to operate H.A.M. until the end of the year; Bohm hopes to reopen under a new name sometime in February.
    • Dec 6, 2016
  • More »

Readers also liked…

Most Shared

  • World leaders set to meet in Little Rock on resource access and sustainable development

    Next week a series of meetings on the use of technology to tackle global problems will be held in Little Rock by Club de Madrid — a coalition of more than 100 former democratic former presidents and prime ministers from around the world — and the P80 Group, a coalition of large public pension and sovereign wealth funds founded by Prince Charles to combat climate change. The conference will discuss deploying existing technologies to increase access to food, water, energy, clean environment, and medical care.
  • Tomb to table: a Christmas feast offered by the residents of Mount Holly and other folk

    Plus, recipes from the Times staff.
  • Fake news

    So fed up was young Edgar Welch of Salisbury, N.C., that Hillary Clinton was getting away with running a child-sex ring that he grabbed a couple of guns last Sunday, drove 360 miles to the Comet Ping Pong pizzeria in Washington, D.C., where Clinton was supposed to be holding the kids as sex slaves, and fired his AR-15 into the floor to clear the joint of pizza cravers and conduct his own investigation of the pedophilia syndicate of the former first lady, U.S. senator and secretary of state.
  • Reality TV prez

    There is almost nothing real about "reality TV." All but the dullest viewers understand that the dramatic twists and turns on shows like "The Bachelor" or "Celebrity Apprentice" are scripted in advance. More or less like professional wrestling, Donald Trump's previous claim to fame.
  • Arkansas archeologist does his job, is asked to leave

    Amid Department of Arkansas Heritage project.

Visit Arkansas

View Trumpeter Swans in Heber Springs

View Trumpeter Swans in Heber Springs

Magness Lake, in Heber Springs, is a magnet for swans

Most Recent Comments

Blogroll

 

© 2016 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation