Matheson Hails Progress On Scaling Back Estate Tax

Washington DC-Congressman Jim Matheson supported passage of legislation to significantly scale back the estate tax, saying it is the next best thing to a permanent repeal.  Matheson has consistently voted to permanently repeal estate taxes and has cosponsored legislation to do so.

The bill-HR 5638-passed would exempt all estates worth less than $5 million per person and would make it easier for taxpayers to pass on the full exemption to a spouse when they die.

Although Matheson voted for tax-cut legislation that included a total phase-out of the estate tax by 2010, if nothing were done, the original estate tax rate would once again be in effect in 2011.  Matheson said that circumstance created uncertainty for estate-planning by small business owners.

"This bill brings more certainty and simplicity to estate tax planning, easing financial burdens on modest, family-owned businesses.  It also protects more small businesses from the estate tax while lowering estate tax liability overall for most others," said Matheson.