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Derek's Tax Blog

Tax Attorney Derek JensenI strated this blog as a way to follow the developments in the Federal Estate Tax. However, from time to time I will post on Federal Income Tax issues, the Washington State Estate Tax, Estate Planning, Elder Law, and Business Planning. Please feel free to leave comments.
Written by Derek W. Jensen   
Friday, 17 December 2010 03:43
The tax compromise bill survived a last minute amendment and was passed by the House last night around midnight eastern time. It will now head to the President, who is expected to sign it today. Nation & World | Bill preventing big tax hikes heads to Obama Fri. | Seattle Times Newspaper

While it generally extends the current Bush era tax provisions, it does create new law for estate, gift, and generation skipping transfers. Under prior law there was no estate tax on those dying in...

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Written by Derek W. Jensen   
Thursday, 16 December 2010 10:28
At 7:30 PM the House passed a procedural measure that will enable a vote on the compromise tax bill tonight. Earlier in the day Speaker Pelosi had to pull the bill after liberal Democrats balked at the procedure. The procedure that had been settled last night would have had a vote on the bill as amended. The new procedure will allow the amendment to be voted on separately. After three hours of debate, the House will vote first on a an amendment to the estate tax provision. If that amendment...

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Written by Derek W. Jensen   
Thursday, 16 December 2010 02:19
House leadership will give liberal Democrats one last chance to amend the estate tax provisions. Under procedure established by the rules committee on Wednesday, this afternoon the House will first vote on an amendment offered by Representative Earl Pomeroy that would set the estate tax provisions in the bill to the 2009 levels.

It is expected the amendment will fail due to the votes of Republicans, Blue Dog Democrats, and some moderate Democrats. If that happens, under the procedural...

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Written by Derek W. Jensen   
Wednesday, 15 December 2010 03:50
As expected the Senate today passed the tax compromise package worked out by President Obama and Senate Republicans. The Senate’s 81-19 vote is a signal to the House to pass it as is. Senate approves legislation extending Bush tax cuts; House Democrats complain about estate tax – KCPQ

Although the outcome in the House is less certain, the tide is moving towards passage. An example of this is Washington State’s own Democratic Representative, Rick Larsen.

"I am as mad as those...

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Written by Derek W. Jensen   
Tuesday, 14 December 2010 08:48
President Obama’s tax compromise with the Senate Republicans “is a fast moving train”, says House Democrat Peter Welch who last week circulated a letter signed by 54 Democrats urging opposition to the deal. Since last week momentum in favor of the plan, including public opinion and the endorsement of former President Clinton, has grown. Now Representative Welch says, “It is academic” the “die is cast.” Liberals giving up tax fight - TheHill.com

It also appears that House...

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Written by Derek W. Jensen   
Monday, 13 December 2010 09:52
The final tally on the vote to quash the filibuster is in, 83-15. Huge Senate majority votes to advance $858B tax package - TheHill.com The Senate is like to take a final vote on the bill Tuesday or more likely at this point Wednesday.

The size of the majority will make it even harder for House Democrats to alter the estate tax provisions in the bill.

“We now urge the House leadership to bring this bipartisan agreement to a vote without political games or partisan changes designed...

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Written by Derek W. Jensen   
Monday, 13 December 2010 08:59
The Senate today voted to end debate on the tax compromise bill signaling that it could win Senate approval as early as tomorrow. Tax-cut bill wins big support in Senate test vote - FoxNews.com

Once it is passed by the Senate it will proceed to the House where its outcome is less clear. Over the last week the main objection to the compromise bill in House has been the provisions on the estate tax. Last Thursday House Democrats indicated they wouldn’t proceed on the compromise bill. On...

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