The Homa Files

Excerpted from WSJ, “Death Blow”, April 9, 2009

The Bush tax plan intended to eliminate the death tax in 2010.  President Obama wants to reinstate 45% rate with a $3.5 million per person exemption.

Barely noticed, last week the U.S. Senate voted 51-48 to cut permanently the death tax rate to 35% and exempt all estates of less than $10 million per couple ($5 million for a single taxpayer) from any tax. 

Every Republican voted for the lower rate, and so did 10 Democrats. This is the closest thing to bipartisanship we’ve seen so far this year on Capitol Hill, but naturally the White House and most of the media are appalled. Their idea of bipartisanship is when three Republicans cross party lines to pass $780 billion in “stimulus” spending.

Full article:
http://online.wsj.com/article/SB123923589432903367.html#printMode

* * * * *

Want more from the Homa Files?
Click link =>  The Homa Files Blog

This entry was posted on April 13, 2009 at 7:57 am and is filed under Obama Administration, Taxes. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.