Obama's Proposal To Preserve Estate Tax On Richest 0.3 Percent Of Americans Meeting Bipartisan Opp

[Median Democrat]

Who knew that the richest 0.3 percent of families required so much representation in Congress? Gee, where is the outrage? Where are the Code Pink protesters? I guess both conservatives and liberals are in agreement that Obama is oppressing the richest 0.3 percent. .

http://www.latimes.com/business/la-fi-hiltzik13-2009apr13,0,3633165.column

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Thanks to lobbyists and legislators looking out for the welfare of the richest Americans, the tax currently hits fewer than 3 of every 1,000 estates every year and bristles with exemptions and deferments for the rest. Its contribution to the federal treasury is about 1% of all revenue.

Yet it consumes enormous mind share in Washington. This month, a new tax-cut proposal from Sens. Jon Kyl (R-Ariz.) and Blanche Lincoln (D-Ark.) won Senate approval. The resolution would raise the exemption on taxable estates to $10 million from the current $7 million (after the death of both spouses). It also would cut the rate charged on the nonexempt portion to 35% from the current 45%.

The tax is currently set to fall to zero for 2010 and return with a $1-million exemption and a 55% rate in 2011; President Obama proposes merely making today's exemption and rates permanent.

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