December 8, 2009
McIntyre Supports Full Repeal of Estate Tax – Unfair to Small Businesses and Family Farms
Washington, D.C. - Representative McIntyre has consistently supported full repeal of the estate tax. Last week during debate of the Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act, H.R. 4154, he voted for a motion that would have provided for its full repeal.
However, the motion to repeal the estate tax did not pass, and Representative McIntyre voted for H.R. 4154, to permanently extend the 2009 estate tax exemption level of $3.5 million for individuals ($7 million for a married couple) and a maximum tax rate of 45%.
Under current law governing the estate tax, the estate tax will be repealed for 2010 only. Then, because the law is scheduled to expire on December 31, 2010, the estate tax is set to be reinstated at a much higher maximum tax rate of 55% with a much lower exemption of $1 million in 2011. Representative McIntyre supported final passage of H.R. 4154 to ensure that the more favorable, current estate tax rate and exemption would be extended for years to come.
Representative McIntyre voted for H.R. 4154 to ensure certainty for families, farmers, and small businesses - under this legislation, the estate tax will effectively end for an estimated 99.75 percent of estates in the United States.