The Tax Prof Blog has posted about the proposed estate tax plans of the two candidates. Their feed is from an article in the Wall Street Journal.
Basically, Obama proposes to make the 2009 levels permanent. A $3.5 million exemption and a 45% tax rate.
McCain, while not advocating a total repeal, comes pretty close. He proposes a $5 million exemption and a 15% rate, which would match the capital gains rate.
Whatever your philosophy is on the estate tax, or taxes in general, at least we now have some guidance of how the estate tax question will shake out. I haven't shied away from my opinions in this blog, but right now, I'm not really in the mood. Besides, it's the Fourth of July. So stop thinking about taxes and go out there and have some fun! Celebrate the 232nd anniversary of our declaring our independence from Great Britain! Which was prompted by a tax revolt.
Alright, fine. Maybe the Fourth is about taxes.
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