The chairman of the House Ways & Means Committee has introduced a new bill to permanently raise the estate tax exemption level to $5 million in 2010.

Attempts to permanently repeal the tax, which is being phased out in the coming years under President Bush's first term tax cuts, failed to muster a vote in the Senate last week after successfully passing through the House last fall. The estate tax is set to resume in full in 2010.

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