![Repeal the Estate Tax]()
by Fersboo
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 of itself is wrong. Congress has the Constitutional right to tax any and all sources of income. Sources of [...]
