December 31st, 2009
09:30 AM ET
9 months ago

Estate tax: Try again in 2010

Rangel, chairman of the House Ways and Means Committee, is a proponent of the estate tax.
Rangel, chairman of the House Ways and Means Committee, is a proponent of the estate tax.

New York (CNNMoney.com) - Lawmakers will start 2010 with a hefty to-do list thanks to a lot of unfinished tax business they left on the table in 2009. The chief example: the estate tax.

Senate Democrats failed to reach a deal with Senate Republicans to temporarily extend the estate tax into 2010, when it is scheduled to be repealed for one year.

But that doesn't necessarily mean there won't be any tax on inheritances in the year about to start.

Senate Finance Chairman Max Baucus, D-Mont., and House Ways and Means Chairman Charles Rangel, D-New York, have said they will try to get it reinstated for 2010 after the new year.

Full story


Filed under: Charlie Rangel • Congress • Max Baucus
soundoff (39 Responses)
  1. ib

    Why is Rangel even still there??? If he had been a conservative he would be been long gone and the country would be better off if he was long gone.

    December 31, 2009 10:55 am at 10:55 am |
  2. Worst president ever

    "Senate Democrats failed to reach a deal with Senate Republicans.." Democrats control Congress, right? They don't need one Republican vote for anything. So why can't the dumocrats extend the Estate Tax on their own?

    December 31, 2009 11:01 am at 11:01 am |
  3. Michael Arnaud

    That's a load of bull. When my grandmother died, my aunt inheirted her house. The house was no where near the supposed benchmarks set by the estate tax. When she sold it, for ALOT less than $1.3 million, the house and the land it sat on got appraised at what the prices are today, and not only did the feds hit her with the estate tax but the state came in and took a chunk too. We found out from a CPA that it doesn't matter the size of the estate. You will be hit with estate taxes. No matter what the estate consists of. It doesn't have to be highend things and you don't have to be rich. If a value can be put on anything in the estate, it will be taxed. The 'Honorable'(and I use that term loosely) Mr. Baucus and Mr. Rangel need to stop the blatant lying to the American people and admit that they like taxing us.

    December 31, 2009 11:02 am at 11:02 am |
  4. Bill from GA

    It's pretty simple: If you work for your money, it's taxed. If you don't work for it, it's not taxed. Eliminate tax on capitol gains, dividends, inheritance, etc.

    Republicans don't like working people; all we get is their debt from all the tax cuts.

    We should eliminate all special taxes; you get money, it's income. Then argue over the rate, but it has to cover the budget, including paydown on the debt.

    December 31, 2009 11:02 am at 11:02 am |
  5. Mark

    Will Rangel ever be investigated by someone other than his liberal friends in congress? It's a travesty that someone who cheats and steals is the chairman of any committee in congress.

    Time to vote all of them out and start with a fresh batch. Politicians are like dirty diapers and should be changed often for the same reason.

    December 31, 2009 11:07 am at 11:07 am |
  6. Concerned Democrat

    Any recommendation by Mr. Rangel should be considered NULL and VOID.

    This is the man who is known for fraud and abuse, the man who has the power to right tax laws but feels he doesn't have to follow him.

    Why has Speaker Pelosi and Congress not removed this man from his post.....why have they not held the ethics hearings?

    As a Democrat I am disgusted with the current continued trend of fraud, corruption and play to pay politics of Washington.

    December 31, 2009 11:08 am at 11:08 am |
  7. Becker

    Rangel has done nothing good for our country and don't expect him to start anytime soon. He can't even disclose his assets correctly and he is supposed to be making decisions for our country.

    December 31, 2009 11:08 am at 11:08 am |
  8. Scottish Mama

    The rebubs are still reading the Healthcare bill. We must let them catch up on the reading and understanding before we can go on with last years biz.

    December 31, 2009 11:10 am at 11:10 am |
  9. Mike

    Rangel has a nerve trying to raise taxes on the rest of us when he doesn't pay his own. Why hasn't he been indicted yet? Oh, that's right he's a Democrat and Democrats are in power. Silly me to think the law applies to them too.

    December 31, 2009 11:16 am at 11:16 am |
  10. Bill

    Speaking of taxes Charlie.....(sound of crickets).

    December 31, 2009 11:30 am at 11:30 am |
  11. Bren

    Of course with all of the spending that Obama and the Democrats have done---and are planning to do---there is no way that they are going to let an opportunity to raise taxes go by.........

    They are pathetic...........

    December 31, 2009 11:32 am at 11:32 am |
  12. Mike

    I'm not surprized that a man who forgets about 1million dollars of income would be in favor of more taxes. What does he care, he won't pay them anyway

    December 31, 2009 11:32 am at 11:32 am |
  13. Tom in FL

    Why are the Republicans, who always claim that they want to cut taxes, against eliminating the Estate Tax? Apparently, because the Democrats are for it. Republicans are now willing to abandon what they claim to be their own core principles if it give them a chance to swipe at the Democrats. They truly are the party of losers.

    December 31, 2009 11:34 am at 11:34 am |
  14. J-AK

    The estate tax (aka the death tax) is arguably the most reprehensible practice to ever come out of Washington DC, so it certainly comes as no surprise that Charlie Rangel and Max Baucus are strong supporters. Someone spends their life working hard, saving, investing and paying taxes, but if they try to leave a little to children and grand-children our benevolent government wants another piece.

    December 31, 2009 11:37 am at 11:37 am |
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