Mike Levin: “What we do with this amendment is make the changes in the unified estate taxes immediate instead of waiting 10 years for…”

“What we do with this amendment is make the changes in the unified estate taxes immediate instead of waiting 10 years for that $4 million unified exemption, which is so important to making sure that small businesses are not caught by the estate tax. This amendment says we should do that now. We should bring forward these exemptions, these unified exemptions that are important to eliminate small businesses and farms from being caught in the estate tax. Ninety percent of the small businesses that would be caught by the estate tax will not be caught once we have a $4 million unified exemption. This brings forward that exemption and pays for it by eliminating the upper bracket reduction. A lot more people will be benefited--a lot more small businesses.”