Geithner, Baucus Favor Retroactive Extension for 2009 Estate Tax Rates

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Treasury Secretary Geithner and Senate Finance Committee Chairman Baucus say they both support extending 2009 estate tax rates for 2010 and that the tax increase should be made retroactive to Jan. 1. “We hope Congress will act and make [the proposed] changes retroactive to Jan. 1 of this year,” Geithner told a Senate Finance Committee budget hearing. Baucus also has said he intends to take action on the estate tax as soon as possible and wants to make it retroactive to Jan. 1 despite complaints that such a retroactive tax increase could be unconstitutional.