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President-elect Obama favors estate tax retention

By Gerry W. Beyer

Estate_taxThe following points are made in Jonathan Weisman, Obama Plans to Keep Estate Tax, Wall St. J., Jan. 12, 2009:

      • President-elect Obama plans to ask Congress to prevent the estate tax from expiring in 2010 as currently scheduled.
      • President-elect Obama has not yet released his detailed plans for retention of the estate tax but will probably do so in February 2009.
      • During his campaign, President-elect Obama favored keeping the estate tax rate and exemptions at their 2009 levels (that is, an exemption equivalent amount of $3.5 million with the highest marginal rate of 45%).
      • Keeping the estate tax at its 2009 would, it is claimed, not have an impact on the economy because it is not a tax increase.

      Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) and Patrick S. Sylvester (Attorney & Counselor at Law, Sylvester Law Firm, PC) for bringing this article to my attention.

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      Current Events and Estate Tax