On July 15, 2010, Rep. Linda Sanchez [D-CA-39] introduced H.R. 5764, “Responsible Estate Tax Act” in the House of Representatives. This bill is identical to the S. 3533, Responsible Estate Tax, which was introduced in the Senate on June 24, 2010 by Senators Bernard Sanders (I-VT), Tom Harkin (D-IA), and Sheldon Whitehouse (D-RI).
For more on H.R. 5467, see Press release by Rep. Linda Sanchez:
“Millionaires and billionaires need to pay their fair share in estate taxes, especially at a time when we have a record-breaking national debt,” said Ways and Means Member Rep. Linda Sánchez. “Tax breaks under George W. Bush favored the wealthy and contributed to a growing gap between the very rich and everyone else. It’s time they pay their fair share.” . . .
“In America, we tell our children that America is the land of opportunity, that if they work hard, they can achieve anything. The Responsible Estate Tax Act restores fairness to the system and keeps America’s promise,” continued Sánchez.
For more on S. 3533, see my previous posts:
- Sen. Sanders: press release and video on S.3533 (6/25/10)
- Unemployment and the death of billionaire Dan Duncan free of the estate tax motivate liberal senators to introduce S.3533 (6/25/10)
- In Forbes article, Janet Novack reports, Three Senators Call For Billionaire Estate Surtax (6/24/10)
- Paul Caron reports that a number of Senators plan to introduce a new estate tax bill- $3.5m exemption, 55% top rate & 10% billionaire's surtax (6/24/10)
For a summary of S. 3533 (and H.R. 5764), see Federal Estate Tax Bills in Front of Congress.