David Kirkpatrick

March 8, 2010

From the “be careful what you wish for” department

You might just get it.

From the link:

Lobbyists for small businesses, construction companies, manufacturers and other trade groups are racing the clock to convince Congress to reinstate the federal estate tax they’ve fought for years to abolish.

The National Federation of Independent Business and more than 40 business organizations wrote Senate and House leaders last week asking for quick action on a proposed 35 percent levy on inheritances worth more than $10 million per couple. The Associated General Contractors of America is urging members to contact lawmakers about the plan.

The groups have changed positions in a bid to head off higher taxes on the horizon: Unless Congress acts, current law would raise the tax next year to 55 percent on estates after they exceed $2 million per couple, from nothing this year.

“Clearly, we can’t live with what’s going to come in 2011,” said Chris Walters, an estate-tax lobbyist in Washington for NFIB, the trade group for small businesses.

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