Senators Landrieu, Pryor Call for Extension of Estate Tax Law
Washington--Extending expiring tax relief in a way that is both fiscally responsible and creates stability for small businesses must be a priority for Congress, Sens. Mary Landrieu (D-La.) and Mark Pryor (D-Ark.) said in a recent letter to Senate leaders.
“We therefore urge you to take up and pass without delay common-sense legislation to extend the current estate and gift tax rules for an additional year, thus providing critical protections from the estate tax to family farms and small businesses while Congress prepares to address larger budget and tax issues,” Landrieu and Prior wrote to Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.).
Current law provides for a $5 million per person exemption, with spousal transfer, and a 35 percent top rate. Unless Congress acts, on Jan. 1, the estate tax exemption is slated to drop to $1 million per person. The top tax rate will climb to 55 percent. The spousal transfer for the exemption will also disappear.