A bill that would make the 2009 estate tax level permanent — 45 percent and $3.5 million per person exemption — has been approved by the House of Representatives.
The bill passed by a 225-200 vote, with all Republicans opposed. Under current law, the estate tax is scheduled to go away in 2010, but revert to a 55 percent tax rate and a $1 million/person exemption in 2011. The legislation faces an uncertain future in the Senate.
