Baucus Aims to Stop Wealthy From Year-End Asset Moves
This article is for subscribers only.
Senator Max Baucus is pushing a proposal intended to prevent wealthy taxpayers from transferring assets to family members before year’s end and pay less in gift taxes than the levy they would face after they die.
The Senate today in a procedural vote rejected the measure, introduced Dec. 2 by Baucus, a Montana Democrat who heads the Finance Committee. Under the proposal, the existing 35 percent gift tax would increase to 45 percent for transfer until the end of the year.