Estate Tax Foe added to “Super Committee”
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Arizona Senator Jon Kyl will join the bipartisan Congressional super committee, which has the task of cutting $1.5 trillion from the federal budget in the next decade. Kyl is a staunch opponent of the estate tax, and his appointment to the committee makes any movement toward a decrease in the current $5 million exemption or increase in the 35% rate unlikely. Democrats have called for the rate to increase to 45%.
If Congress doesn’t act before December 31, 2012, the exemption will revert to $1 million, with a 55% rate.
Related article in the New York Post.
