Estate Tax Blocked & Health Care Time Running Out

Estate Tax Blocked & Health Care Time Running Out. I’m Greg Martin with today’s Northwest Report.

Senate Republicans blocked a move by Democrats to freeze current estate tax exemptions and rates for two-months to let the two sides work out a long-term policy early next year. Democratic leader Harry Reid argues that without the move farmers and others would still face full return of estate taxes in 2011.  Some heirs who sell inherited property, renewed capital gains taxes next year, as heirs lose tax ‘forgiveness’ on appreciated property value.

REID: The capital gains tax is forgiven because the heirs to the property receive a step up in basis for measuring tax liability when they ultimately sell the property. The law that my colleagues insist go into place next month repeal stepped up basis.

Time is getting extremely short for the U.S. Senate to pass a health care reform bill before Christmas. Republican delaying tactics have begun. Oklahoma Republican Senator Tom Coburn objected Wednesday morning to a routine request to waive the reading of a 767-page amendment by Vermont Independent Senator Bernard Sanders. That amendment would create a single-payer health care system. Observers believe the reading of the amendment would eat up valuable time and eventually not pass.

Now here’s today’s Washington Grange Report.

(GRANGE)

That’s today’s Northwest Report. I’m Greg Martin on the Northwest Ag Information Network.