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On the Hill

House Tries to Amend Estate Tax

Could sink Obama’s tax deal.

If President Obama’s tax deal falls apart, this figures to be the snag: House Democrats will probably amend the estate tax so that instead of kicking in at a rate of 35 percent on estates valued over $5 million, it will kick in at 45 percent on estates valued over $3.5 million. They say the change will affect only 6,000 households, but it’s extremely unlikely that any Republican senators will support the move. With prominent Republicans like Mitt Romney and Sarah Palin opposing the tax deal, any amendments by the House could give Senate Republicans cover to pull their support when the package comes up for a revote.

Read it at The Washington Post

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