Bill Would Cut, Not Eliminate, Estate Tax
June 20, 2006
A compromise bill in Congress introduced on Monday would keep the estate tax in place for the very richest Americans but eliminate it for everyone else, The Wall Street Journal reports.
Many nonprofit officials worry that repeal of the tax would eliminate a powerful incentive for wealthy donors to make charitable bequests.
The bill, introduced by Bill Thomas, a California Republican and chairman of the House Ways and Means Committee, would raise the threshold for imposing the tax on estates valued at more than $5-million, beginning in 2010. (A paid subscription is required to view this article.)
