The print version of What an estate Looks Like in the Times didn't reproduce this Jessica Hische illustration in color (who says skulls can't be cute?) but it did include an added subhead:A billionaire dies, no taxes for the estate. Next year, a $1-million-plus estate gets taxed.Could that comparison put a little pressure on Congress?
"How can you let estates of a little over a million be taxed in 2011? You didn't bother to tax a billionaire's estate in 2010!"
The Times piece supports Jim Gust's supposition: Senator Kyl's latest potential deal involves an estate tax exemption of $5 million and a tax rate on additional wealth of 35 percent.
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That Times article has the expected cherry picked data and generalized half truths to support their agenda.
Notice how the liberal media claims that there is an estate tax exemption of $7 million for couples under the Obama proposal? That's not how the law is worded, and a couple has to pay lawyers and trustees to get an exemption that large. They'd like you to believe it's as easy as a standard deduction.
Also, to prove the point that a $1 million exemption would not be low by historical standards, they choose 1976 as the comparison date, which the year when estate tax incidence reached its maximum.
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