Obama to keep the estate tax

Daniel Hamermesh, at the New York Times Freakonomics blog, favors President-elect Barack Obama’s decision to abolish the repeal of the estate tax (set to expire in 2011) and instead freeze the exemption at $7 million for a couple. Read Hamermesh’s commentary here.

Comments (2)

  1. Submitted by Paul Brandon on 01/14/2009 - 11:18 am.

    It’s better than a repeal, but I still think that the exemption level of $7M is a bit high.
    A progessive tax mght be a bit more complex, but cutoffs of $2M@25%, $5M@35% and $10M@45% would be fairer and produce just as much income.
    Disclaimer: I’ll probably benefit from the exemption, but the options wouldn’t make any difference to me.

  2. Submitted by Ron Gotzman on 01/15/2009 - 09:40 am.

    Keeping the estate tax is the “full employment act for tax accountants and estate attorneys.” They must have paid a lot of cash to the Obama campaign.

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