Warren Buffett Scheduled to Testify in Support of Estate Taxes
On Wednesday, November 14, the Senate Finance Committee will be holding a hearing titled “Federal Estate Tax: Uncertainty in Planning Under the Current Law“. The issue is that the current Estate Tax Law is set to gradually phase out Estate Taxes through 2010, with a total repeal in 2011. At that point, unless Congress acts, estate taxes will be restored to their 2001 levels. (That’s the “uncertainty in planning” to which the hearing title refers.)
Witnesses scheduled to testify include Warren Buffett, a staunch defender of the Estate Tax. Also scheduled to testify are an estate planner from Connecticut, a Nevada rancher, and the head of a small manufacturing company in Iowa.