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Key Votes

H Amdt 786 - Amending the Estate Tax - Key Vote

National Key Votes

Pete King voted Nay (Amendment Vote) on this Amendment.

Read statements Pete King made in this general time period.

Stages

Family

Issues

Stage Details

Amendment - Introduced (House) -

Title: Amending the Estate Tax

Amendment - Amendment Rejected (House) (194-233) - (Key vote)

Title: Amending the Estate Tax

Vote Smart's Synopsis:

Vote to adopt an amendment to HR 4853 to temporarily amend estate tax laws.

Highlights:
  • Lowers the applicable exclusion amount from $5 million to $3.5 million (Sec. 302).
  • Increases the maximum estate tax rate from 35 percent to 45 percent (Sec. 302):
    • Caps the amount of tax on any estate over $1.5 million at $555,880 plus 45 percent of the excess of such amount over $1.5 million.
  • Adjusts the inflation amount for a credit against the gift tax from a rate by which the Consumer Price Index of the previous calendar year exceeds the Consumer Price Index for 1992 to a rate by which the Consumer Price Index of the previous calendar year exceeds the Consumer Price Index for 2010 (Sec. 302).
  • Requires the amount adjusted to be rounded to the nearest $10,000.
  • Establishes the rate of tax imposed in the case of 1 or more gifts made in effect of the decedent's death, as well as any credit allowed against the tax (Sec. 302).

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