"The 112th Congress will now have a total of at least 49 repeal supporters in the Senate and 245 repeal supporters in the House, including incumbents who have previously voted for repeal," said AFBI president Dick Patten in prepared remarks. "They will lead the fight for permanent estate tax repeal and bring the much needed relief for America's family business owners and farmers."
A recent Harris Interactive poll found two-thirds of American voters support permanent repeal. Another recent poll by Ayres, McHenry and Associates found nearly half of self-identified Democratic voters oppose the tax returning to pre-2001 levels, which it is slated to do in January.
Absent congressional action, the estate tax will be reinstated next year and slap a 55 percent tax on estates worth more than $1 million. Lawmakers on both sides of the aisle are opposed to this tax increase, but for more than a year, a compromise on the issue has eluded congressional leaders.