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Tuesday, January 01, 2013

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.

UPDATE: Here is how the White House is putting it:

• 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.

posted by Quiddity at 1/01/2013 11:20:00 AM

22 comments

not like that maybe..
(^_^)

By Agen Bola, at 1/06/2013 10:10 AM

I can see this is going nowhere, dear - completely whorizontal. Dems fighting Reps. Back and forth. Back and forth.

Yawn.

I have the answer:
'The more you shall honor Me,
the more I shall bless you'
-the Infant Jesus of Prague
(<- Czech Republic, next to Russia)

trustNjesus ALWAYS, dear,
and wiseabove to Seventh-Heaven.
God's outside of time, goirly-girl,
and you and I shall croak, too.
So if you wanna be truly smart, babe,
you'd follow us home.
God bless your indelible soul.
Cya soon Upstairs...

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