Stranger things have happened.
But not many… in the Ways and Means Committee.
The Business Journal of Phoenix (how’s that for a source?) is reporting that U.S. Rep. Harry Mitchell, a Democrat of Arizona, is introducing a bill to keep federal capital-gains taxes permanently at 15 percent and to make recent cuts to federal estate taxes permanent. The Democratic Representative is joining forces with Republican Representative Christopher Shays of Connecticut to push for the cuts.
The bill, valued at $329 billion, would not repeal the federal estate tax but would make earlier cuts permanent. Mitchell’s fellow Democrats have not yet voiced support for the plan, as the estate tax (which this year affects decedents assets in excess of $2 million) is not a priority in a non-election, fiscally challenging year. However, with the upcoming presidential election, the idea might get some press. We’ll see.
Tags: capital-gains, Christopher-Shays, federal-estate-tax, Harry-Mitchell, taxRelated Stories
POSTED IN: estate & gift, individual, politics
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