House Bill Introduced to Reduce Estate Tax Exemption to $1,000,000

Congressman Jim McDermott (D-WA) just introduced HR 3467 the “Sensible Estate Tax Act of 2011,” which would reduce the estate tax exemption to $1,000,000 for taxpayers who die after this year. The $1M exemption would be indexed for inflation, with a 55% top tax rate. This bill appeared “dead on arrival.” But for details on this bill, see http://www.gpo.gov/fdsys/pkg/BILLS-112hr3467ih/content-detail.html

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House Bill Introduced to Reduce Estate Tax Exemption to $1,000,000