December 31st, 2009
09:30 AM ET
10 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to reach a deal with Senate Republicans to temporarily extend the estate tax into 2010, when it is scheduled to be repealed for one year.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. Tim

    Why is Charles Rangel still in politics, let alone alive?

    December 31, 2009 09:51 am at 9:51 am |
  2. jenn, philadelphia

    Right, like I trust Charlie Rangel to fix the tax laws. I just want him and the rest of the administration to pay theirs (like the rest of us).

    December 31, 2009 09:55 am at 9:55 am |
  3. Scott, Tucson

    Nancy Pelosi promised the American people that this congress would be the most ethical ever...than why is this crook Rangel still chairman of the House Ways committee? Oh I forgot, he's a democrat.

    December 31, 2009 09:58 am at 9:58 am |
  4. democratsruinwhattheytouch

    To see this crooks face on the front of this article discussing new taxes is such an affront to American citizens. This tax cheat should have been stripped of his chair over a year ago and now he is talking about putting new taxes on Americans. Pelosi should be censured and thrown out of office for her failure to investigate and the Attorney General should be brought in to find out why (we know the reason) but they both should be prosecuted and sentenced to Levenworth for fraud, obstruction of justice and treason.

    December 31, 2009 10:05 am at 10:05 am |
  5. notfooledbydistractions

    Why repeal it? So 5,500 people will receive a break. Let them pay the taxes, we could use the money right now, and their class certainly reaped the benefits of the previous administration.

    December 31, 2009 10:12 am at 10:12 am |
  6. JST

    Charlie,

    Pay your own taxes first!

    December 31, 2009 10:12 am at 10:12 am |
  7. Bill or Vin from Philly

    my x party will sell out to the rich again like it did with health care, thats why I'm a new independent

    December 31, 2009 10:13 am at 10:13 am |
  8. Matt, Manchester, CT

    Perhaps Chucky Rangel should try and reinstate his own regular and proper tax filings before he begins on the estate tax, or is that a racist thing to suggest?

    December 31, 2009 10:14 am at 10:14 am |
  9. Fed Up

    Of course they will. It's a tax!

    December 31, 2009 10:16 am at 10:16 am |
  10. Fitz In Texas

    Why is this man still working for us and why are we still paying this crook? If the Democrats had any morals they would have gotten rid of this crook long ago.

    December 31, 2009 10:18 am at 10:18 am |
  11. jp,michigan

    Those of us who have little to leave our children when we die, the house and senate want to tax that. When is the Hill finally going to go after the cheats and crooks on the Hill that get away with raiding the taxpayers and filling their own pockets and estates. They continue to put in earmarks that hang like chads on old ballots, on every bill they pass through the house and the senate.

    December 31, 2009 10:19 am at 10:19 am |
  12. Duck Fallas

    All hail the wealthy, for they are our superiors. We exist by their good graces. Tax them not, for greed is good.

    December 31, 2009 10:20 am at 10:20 am |
  13. Troy

    I can see why Charles Rangel is for it, he doesn’t bother paying his taxes.

    December 31, 2009 10:24 am at 10:24 am |
  14. Mike

    Well, here we go what a surprise. The demorats will start off 2010 hunting for new taxes. That is the way they ended 2009 with their version of the health care take over.

    December 31, 2009 10:25 am at 10:25 am |
  15. Biased

    Well now it seems the government will force you to buy health insurance to live, and force you to pay half your estate to the government to die. Nice! What is the point of working hard or being responsible in your life in order to leave your family something to build their lives on so the government can take half of it?

    December 31, 2009 10:26 am at 10:26 am |
  16. unemployed by Obama

    Watch those Democrates closely, they are going after your kids inheritance. More Obama Taxes To Come from your Democrate Crooks in the government.

    Time to VOTE THEM OUT.

    December 31, 2009 10:28 am at 10:28 am |
  17. ggaryy

    Charlie Rangel is a corrupt fool....should be in jail not congress. Hope that he is swept out of congress with the same tsunami that takes out the rest of the crazy Democratic congresspeople on election day. The fact that Pelosi looks the other way on Rangel's tax fraud just makes them both look pathetic.

    December 31, 2009 10:29 am at 10:29 am |
  18. phoenix86

    2010 will be the year for Democrat tax increases across the board. They are very hungry for any money that is left in the taxpayers savings accounts.

    Fortunately, this will only last until the end of 2010. As of January 2011, the democrats will no longer be in control.

    December 31, 2009 10:34 am at 10:34 am |
  19. Paul from Phoenix

    Shouldn't Rangel pay his own taxes before he tells the public what taxes they should pay?

    December 31, 2009 10:36 am at 10:36 am |
  20. jeff jackson, alabama

    The estate tax doesn't just single out
    ultra rich.
    If a family owned restaurant is making
    75,000. a year and the owner dies, the
    tax analyst could come in and value
    the equipment and facility at a couple of
    million dollars. Remember the place
    only makes 75,000. a year. The survivors
    would have to sell the business to pay the tax.
    There goes another business and a hand full
    of employees. This is not good for middle
    class Americans.

    December 31, 2009 10:36 am at 10:36 am |
  21. Henry Miller, Libertarian

    Not content with the financial rape of Americans implicit in the health care welfare bill, now the Democrats want to resume the rape of small businesses and people who work hard to earn a good life for their kids.

    Is there no end to the greed of Democrats?

    December 31, 2009 10:37 am at 10:37 am |
  22. Good Listener

    The most offensive tax in the system full of them, and yet democrats believe that this needs to be reinstated. Disguting. You've paid taxes twice on this money – during its accumulation, then on the proceeds from holding it in some form after it is earned – and they believe a 3rd time when you die is appropriate. Where does it stop with these people?

    December 31, 2009 10:39 am at 10:39 am |
  23. Kevin in Ohio

    It will be amazing to me if the democrats do anything whatsover to avoid the huge scheduled increase in the death tax. To them, its all aboout taxing usmore and more and more so government can control everything, The Bush tax cuts should be continued, as they are the only true stimulus left in this failed Obama economy.

    December 31, 2009 10:42 am at 10:42 am |
  24. Ed, Santa Fe, NM

    I hope the Dems are also working to reverse Bush's idiotic bankruptcy laws that were written by credit and mortgage companies.

    December 31, 2009 10:46 am at 10:46 am |
  25. maude

    Let's ring in 2010 WITHOUT cheney or limbaugh, that's my New Year wish.....

    December 31, 2009 10:51 am at 10:51 am |
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