Friday, February 27, 2009
The following message is supplied through the courtesy of William D. (Bill) Pargaman Brown McCarroll, L.L.P., Austin, Texas):
While it is not a tax bill, the budget proposal released yesterday contains a slight hint that the administration still contemplates freezing 2009 rates. Tables S-3, S-4, and S-5 near the end of the budget proposal all contain references to projected estate taxes through 2019. Table S-5 is the only one that gets a bit more specific. Under the category "Adjustments to reflect current policies," it contains a line labeled "Continue the 2001 and 2003 tax cuts." Footnote 1 to that line states "In continuing the 2001 and 2003 tax cuts, the estate tax is maintained at its 2009 parameters."
The entire budget proposal can be downloaded at: http://www.whitehouse.gov/omb/assets/fy2010_new_era/A_New_Era_of_Responsibility2.pdf