Let’s be fair. I am not an Obama supporter but the Estate tax exemption amount was to be eliminated in 2010 only to return to an lower exemption amount ($1,000,000) in 2011. Obama’s bill keeps it at $3,500,000 now and into the future.
If my memory serves me correctly, it was the Democrats in Congress who forced the death tax not to become history and wanted a time limit on it with the 2011 return.
Obama and his lib friends in Congress remain the party that refuses to let a tax wither and die that actually causes you to pay taxes twice and destroys many family businesses and farms.
The take by the Dems that to do otherwise is to “disenfranchise the treasury” is really a grim and frightening way to look at it.
The problem with putting an amount on an Estate is it depends who does the appraisals.
Living in farm country, the US Treasury has sent out some high falutin’ associate that appraised a property at $20K an acre because it was close to a development and could potentially become lots.
Small business owners will just have to come up with the $10K to arrange their affairs in such a way to exempt their ‘estate’. The ones that get ‘caught’ usually die unexpectedly before they get to the attorney’s office.
In Clinton’s rein.. death was taxed at anything over $500,000. not 1 million!
Yes, let's be fair.
This money was taxed as it was earned. Why then just because you die does 45% belong to the Government? They had their cut already.
Its an unfair tax levied on people who have no vote (except in Chicago).