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Tuesday, April 15, 2008

Taxing Politics - Part II

In an earlier post, I had mentioned that John McCain wished to eliminate the estate tax. According to his web site, the stance he is currently taking is to increase the Estate Tax Exemption amount to $10 Million per person and reduce the estate tax rate from 45% to 15%.

According to the Tax Policy Center Urban Institute and Brookings Institution, Barack Obama and Hillary Clinton plan to raise the estate tax exemption amount to $3.5 Million per person (the level it is scheduled to go to in 2009) and freeze it at that level. See: http://www.taxpolicycenter.org/taxtopics/election_issues_matrix.cfm