Already with a lengthy to-do list before adjourning for its August recess, reports have Congress moving to address the future of the estate tax soon.
President Bush's 2001 tax cuts will gradually scale back the estate tax until 2010, but unless Congress passes new legislation, the tax on inherited assets will return in 2011 to the rates of 2001. The House of Representatives has approved bills to make the repeal permanent several times, most recently in mid-April, but procedural hurdles haven't been cleared in the Senate.
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