Representative Mike Thompson voted to restart a 45% estate tax on inheritances over $3.5 million. Thompson had previously voted for cuts in the estate tax as part of George Bush's tax cuts for the wealthy plan. Without this new bill, in 2010 the estate tax would have fallen to zero (0%), then would have risen to 55% in 2011 and afterwards unless Congress acted. America's wealthiest citizens and their spawn had hoped that once the tax fell to zero, it would stay there.
Mike voted with the Democratic Party majority, helping the bill to pass 225 to 200.
The bill will not become law unless also passed by the Senate and signed by President Barack Obama.
-- William P. Meyers
Thompson Watch Main Page
Mike Thompson is the current elected member of the United States House of Representatives for California's 1st Congressional District.