Tuesday, February 15, 2011

Obama calls for estate tax hike

Tax Notes ($) reports that the President's new budget calls for a restoration of the 2009 estate tax regime in 2013, when the December compromise expires.  That means, at a minimum, that the exempt amount falls back to $3.5 million.  It could also mean the end of spousal portability of the estate tax exemption.

But in the Byzantine logic of Congressional scoring, this tax increase is scored as a tax cut!  It would replace the reversion to the even lower $1 million exemption.


1 comment:

JLM said...

Who's dumb enough to think Congress would let the bad old estate tax return in 2013? Probably those dumb enough to have thought Congress would let the estate tax lapse in 2010