The Senate yesterday voted nonbinding approval for a provision that would reform rather than repeal the estate tax and freeze its rate at the level set to go into effect in 2009.
The amendment, introduced by Sen. Max Baucus, D-Mont., chairman of the Senate Finance Committee, if enacted would leave the estate tax at the 2009 level with a $3.5 million individual exemption and a 45 percent maximum rate above that, indexed for inflation.
Estate taxation has been a point of deep concern to independent insurance agents, who have complained that estate taxes threaten their ability to leave assets to their heirs because agency assets are mostly illiquid.
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