WASHINGTON — Democrats have included an estate tax freeze provision in a 5-year budget proposal.
The provision would freeze the estate tax at the 2009 level, with a $3.5 million per-person exemption, and a 45% maximum tax rate that would be indexed for inflation.
Congressional leaders expect the House to take up the budget legislation today, and for the Senate to follow suit by the end of the week.
The final version of the budget resolution will help set the rules that will govern the budget process, but it will not lead directly to funding appropriations.
David Stertzer, chief executive of the Association for Advanced Life Underwriting, Falls Church, Va., said the AALU is “encouraged that lawmakers are now focusing on the planning simplification features associated with reform, rather than just the rate and exemption levels.”