MP900442456The state tax is always controversial. Some people believe strongly in it while others see it as unfair. The current exemption for estate purposes is $5.43 Million. Fewer than 1% of US taxpayers are subject to the estate tax. A new bill in Congress seeks to repeal it completely. 

It is no secret that the Republican-controlled Congress and President Obama are likely to have several high-profile battles in the next two years. That is inevitable whenever there is a split government in Washington.

One issue that might cross the President's desk is repealing the estate tax as Representative Thornberry of Texas has introduced the Death Tax Repeal Act which seeks to repeal the estate, gift and generation-skipping taxes.

Everything Lubbockin "Thornberry Introduces The Death Tax Repeal Act" reports that the bill already has 36 co-sponsors.

Of course it is too early to predict whether this bill will pass the House of Representatives, let alone make it to President Obama's desk for his signature or a veto. However, it is never too early to let your opinions be known on this bill.

Whether you are in favor of it or opposed, now would be a good time to let your congressman or congresswoman known what you think about this important and controversial issue.

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