Courtesy of Reuters.com
By Kevin Drawbaugh and Andrew Hay
October 23, 2009
A U.S. estate tax bill is in the works and may arrive soon on the floor of the United States’ House of Representatives, lower house Democratic Leader Steny Hoyer said on Friday.
“We would like to bring to the floor in the next few weeks, if not next week, a bill to deal with the estate tax issue,” Hoyer said on the floor in discussions about the House’s upcoming schedule.
The estate tax imposes a tax on the transfer of the assets of a deceased person to others. Known also as an inheritance tax, it has been a political flashpoint in recent years.
“If we don’t act on the estate tax there will be a great cost next year,” he said.
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