The proposed estate tax:
During the Bush years the estate tax was 45+% with an exclusion of around $2 million. Now Obama claims a win with a 40% rate and exclusion of $5 million. How? By saying that the rate goes up from 35%.
But the 35% was Obama's policy when he agreed to a two-year extension of the Bush cuts in late 2010. So we are actually seeing the estate tax raised from Obama's low number. The "Bush rate" was always 45% or greater (excepting 2010 when there was no estate tax).
Talk about negotiating with yourself.
• Raises tax rates on the wealthiest estates: The agreement raises the tax rate on the wealthiest estates – worth upwards of $5 million per person – from 35 percent to 40 percent, in contrast to Republican proposals to continue the current estate tax levels.
not like that maybe..