The Wall Street Journal reported today that President-elect Barack Obama and congressional leaders plan to move soon keep the estate tax in place. According to the article “Obama Plans to Keep Estate Tax” the Senate Finance Committee will move within weeks on legislation to reverse that law passed under President Bush that would end the estate tax in 2010.
Mr. Obama could detail his estate-tax preservation proposal in his budget next month. It is expected that the tax would lock in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. All those appraisers who were concerned they would be out of work in 2010 will breathe a sigh of relief once this Obama budget is approved.