Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act
The Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009 (H.R. 4154), introduced by Representative Earl Pomeroy, would prevent the estate tax from returning in 2011 to a high tax rate of as much as 55% on estates worth more than $1 million. Instead, the bill would make permanent the current estate tax exemption of $3.5 million, providing estate tax relief that will especially benefit families, farmers, and small business owners. The bill would also limit the amount of the estate and gift tax rate to 45% after 2009. In addition to benefitting families, farmers, and small business owners, reforming the estate tax rather than repealing it will ease the stress on the federal budget as a significant portion of the U.S. population prepares for retirement. This estate tax relief plan offers a fiscally responsible alternative to a full repeal of the estate tax.