Blogs Derek's Tax Blog Support for McDermott Bill Growing
As the Estate Tax Debate picks up, liberal advocacy groups are backing Rep. McDermott's bill. If you don't recall, that bill would set the exemption at $2.0 million.
“We have just spent a huge amount bailing out Wall Street,” Lee Farris of United for a Fair Economy said. “Now, it would be a lousy time to send even more money to the wealthy.”
Another group also behind McDermott’s bill is Citizens for Tax Justice and Results, an anti-poverty group.
On the other side of the issue groups like the American Farm Bureau Federation, the National Federation of Independent Business, and the National Cattlemen’s Beef Association are changing their position from full repeal to supporting a compromise bill which would set the exemption level at $5 million and the tax rate at 35 percent.
For more, see the full article from The Hill.