U.S. Congress passes estate-tax provision with 35% rate

Article by Christian Andrei, on December 18, 2010

The House has passed estate-tax legislation supported by the National Automobile Dealers Association. Expected to take into effect for 2011 and 2012, this estate-tax provision imposes a maximum 35% rate on inheritances of more than $5 million for individuals and $10 million for couples.

This provision is included in a broad tax-cut package that has been sent to President Obama for his signature.

In fact, Obama and congressional Republicans have already reached an agreement on this matter. Earlier this month, it was submitted to Congress and it was then passed by the Senate.

The estate-tax portion received plenty of criticism since it was deemed too partial to the wealthy by several House Democrats who had worked unsuccessfully to have the maximum rate increased to 45% on estates of over $3.5 million for individuals and $7 million for couples.

That was the 2009 rate. There was no estate tax in effect this year, but if Congress hadn't acted, the rate was due to increase Jan. 1 to 55% on estates of over $1 million per individual and $2 million per couple. [via autonews - sub. required]

Topics: united states

If you liked the article, share on:


Login or Create new account to add a comment!


Mitsubishi is now officially part of the Renault-Nissan alliance after Nissan took over the Japanese car company recently. We know a lot has been happening in the car industry, but...
by - October 24, 2016
Driving the newest 2017 BMW 5-Series (G30), Clive Owen (Closer, Children of Men) returns to his role as “The Driver”. In this latest installment, what initially starts as a simple...
by - October 24, 2016
Many had wished that a Lamborghini Huracán Superleggera would somehow make a surprise debut at the recently held Paris Motor Show. Sadly, not a single Lamborghini appeared anywhere in sight....
by - October 24, 2016
Aston Martin and Red Bull Racing teamed up for the first time in creating what looks like one of the most ferocious beasts in history. The British car manufacturer has...
by - October 24, 2016
German premium carmaker Audi is reportedly planning to buy back around 25,000 Audi Q7 SUVs powered by its 3.0-liter V6 TDI engine in the United States. The buyback should compensate...
by - October 24, 2016