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December 4, 2008
CTJ Calls on Obama to Scale Back Estate Tax Proposal
Citizens for Tax Justice yesterday issued a report calling on President-elect Obama to scale back his proposal to set the estate tax exemption at $3.5 million with a 45% top rate after new IRS data revealed that only 17,416 (0.7%) of estates of decedents dying in 2007 owed estate tax, down from 22,798 (0.9%) in 2006. Here are the states with the highest and lowest percentages of estates of decedents dying in 2007 owing estate tax:
December 4, 2008 in Think Tank Reports | Permalink
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Comments
With the exception of family business owners, executives and farmers, very few estates ever get close to $1M, so dropping the number will not appreciably increase the number of paying estates.
Posted by: save_the_rustbelt | Dec 4, 2008 8:39:52 AM
I know a lot of people think "it's only fair" to tax large estates, but considering the cumbersomeness of the system, the small receipts it produces, and the minuscule number of estates actually taxed, wouldn't it be better to use IRS resources elsewhere?
Posted by: S | Dec 4, 2008 10:24:16 AM
