Congress recessed for the midterm elections after clearing a stopgap funding measure designed to keep the government up and running after the October 1st fiscal year deadline.  However, when Congress returns to a lame duck session after the November 2nd elections, legislators will have to take up legislation to extend the 2001 and 2003 Bush tax cuts – a vote that many had hoped to put off until after the elections. 

Included in the legislation to extend the tax cuts is a provision important to AWMA members dealing with the estate or “death” tax.  AWMA has long promoted efforts to establish a permanent repeal of the onerous estate tax, however, most recently the coalition has been working to adopt a 35 percent top tax rate on estates valued at over $3 million.

Speaking to the press before adjourning, Rep. Boehner – Minority Leader in the House – said, “I believe there’s a bipartisan majority in both the House and Senate who want to extend all of the current tax rates.”  AWMA will continue to press for an extension of these tax cuts and more certainty in the tax code.