Blogs
Written by Derek W. Jensen
For married couples the...
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Tuesday, 01 February 2011 10:25
On December 17, 2010, President Obama signed a bill that significantly overhauled the Federal transfer taxes: estate, gift, and generation skipping. Since then I have been explaining the provisions to other professionals, clients, potential clients, and basically anyone who will listen. Some of my clients needed advice so they could make decisions before the end of December. Others are just trying to grasp the significance of the changes in their own planning. For married couples the...
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Written by Derek W. Jensen
While it generally extends the current Bush era tax provisions, it does create new law for estate, gift, and generation skipping transfers. Under prior law there was no estate tax on those dying in...
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Friday, 17 December 2010 03:43
The tax compromise bill survived a last minute amendment and was passed by the House last night around midnight eastern time. It will now head to the President, who is expected to sign it today. Nation & World | Bill preventing big tax hikes heads to Obama Fri. | Seattle Times Newspaper While it generally extends the current Bush era tax provisions, it does create new law for estate, gift, and generation skipping transfers. Under prior law there was no estate tax on those dying in...
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Written by Derek W. Jensen
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Thursday, 16 December 2010 10:28
At 7:30 PM the House passed a procedural measure that will enable a vote on the compromise tax bill tonight. Earlier in the day Speaker Pelosi had to pull the bill after liberal Democrats balked at the procedure. The procedure that had been settled last night would have had a vote on the bill as amended. The new procedure will allow the amendment to be voted on separately. After three hours of debate, the House will vote first on a an amendment to the estate tax provision. If that amendment...Read more...
Written by Derek W. Jensen
It is expected the amendment will fail due to the votes of Republicans, Blue Dog Democrats, and some moderate Democrats. If that happens, under the procedural...
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Thursday, 16 December 2010 02:19
House leadership will give liberal Democrats one last chance to amend the estate tax provisions. Under procedure established by the rules committee on Wednesday, this afternoon the House will first vote on an amendment offered by Representative Earl Pomeroy that would set the estate tax provisions in the bill to the 2009 levels. It is expected the amendment will fail due to the votes of Republicans, Blue Dog Democrats, and some moderate Democrats. If that happens, under the procedural...
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Written by Derek W. Jensen
Although the outcome in the House is less certain, the tide is moving towards passage. An example of this is Washington State’s own Democratic Representative, Rick Larsen.
"I am as mad as those...
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Wednesday, 15 December 2010 03:50
As expected the Senate today passed the tax compromise package worked out by President Obama and Senate Republicans. The Senate’s 81-19 vote is a signal to the House to pass it as is. Senate approves legislation extending Bush tax cuts; House Democrats complain about estate tax – KCPQ Although the outcome in the House is less certain, the tide is moving towards passage. An example of this is Washington State’s own Democratic Representative, Rick Larsen.
"I am as mad as those...
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