What happened in Washington this week…
Lots happened in DC this week. Here is a summary of some of the big things: Death Tax: Yesterday, the House voted to permanently reduce the death tax. The vote was 269-156. I, like a majority of the House, would prefer to permanently eliminate the death tax. But for 4 years straight, the Senate has not been able to assemble the requisite 60 votes to do this. (by a 57-43 vote, Senators voted for permanent repeal this year, but that is not enough under the Senate’s strange rules) So, we need to do something that will garner 60 votes in the Senate. Hopefully, this is it. The bill we passed will raise the exemption from death taxes to $5 million per person, and lower the rate of tax to the capital gains rate of 15% above that. Estates larger than $25 million per person will pay a tax of twice the capital gains rate on the amount greater than $25 million. This exemption is high enough, and the rate low enough, to get the death tax out of the way for 99.7% of Americans so they can make decisions based on what is best for their families and not what is worst for the tax man. I spoke on the floor in favor of … Read More