Filed Under: Featured, TAXES
The headline on the front page of yesterday’s (Monday, January 12, 2009) Wall Street Journal read “Obama Plans to Keep Estate Tax”. This is the opening salvo of President-Elect Obama’s tax hike and wealth redisribution plan.
In 2009, estates of less than $3.5 million per person and $7 million per couple are exempt from taxation. The value of estates over that are taxed at 45%. Under current tax law, signed by President Bush in 2001, there is no estate tax in 2010. As I joke with my clients, if you’re going to die, do it in 2010, because under current law, in 2011 the estate tax reverts to Clinton-era levels–a $1 million exclusion, with the rest taxed at 55%.
Here’s why the estate tax, in and …
As I write this, John McCain is announcing his concession of today’s election.
Obama was declared the winner by most of the networks at around 11:00 PM Eastern Time.
McCain’s speech was kind and humble, and recognizing what is an historic event.
We have not been shy in our opposition to Obama here at TCR, and hopefully have been and will continue to be faithful in this regard: Obama is the rightful victor, for whatever reason I believe is the man God will place in this leadership position, and will deserve the appropriate respect due the office and office holder of the Presidency. Assuming he does not abuse his power (a caution I would put to any who take this office).
We will, however, continue …