December 11, 2012
Wealthy Progressives Call for $2 Million Estate Tax Exemption, Graduated Rates Starting at 45%
A group of three dozen wealthy progressives, including Warren Buffett, Jimmy Carter, Bill Gates Sr., and George Soros, today released a Responsible Estate Tax Proposal:
- We believe a more appropriate exemption is $4 million per couple, indexed to inflation.
- We believe there should be a graduated rate on the taxable estate over the exemption amount, beginning at 45% and rising on the largest fortunes.
- We believe that compliance should be simplified to allow for state tax credits, portability and the reunification of federal gift taxes.
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How come Warren Buffett, Jimmy Carter, Bill Gates Sr., and George Soros did not ask Lt. Dangle for advice on this one?
Posted by: Lt. Dangle | Dec 11, 2012 4:49:58 PM
What, no call for an end to the unlimited charitable deduction and tax-exempt self-directed charitable foundations? I'm shocked!
Posted by: AMTbuff | Dec 11, 2012 6:18:37 PM
There is no reason to punish farmers and small business people with such a low exemption...It should be at least $5 million each or $10 million a couple...in fact it should be even higher. In addition the rate is way too high. If we want to consider this is a transfer of property it should not be over the capital gains rate A much more fair rate and it would eliminate Estate tax attorneys......
Posted by: Sid | Dec 11, 2012 9:08:58 PM
Do any of these "wealthy progressives" say whether their estate and gift tax reform proposal should apply retroactively, and, if so, whether they accept without objection the impact on their own meticulously constructed estate planning strategies?
Of course not. Hypocrites.
Posted by: Jake | Dec 11, 2012 9:25:37 PM
I would take this a lot more seriously if the proposal subjected charitable bequests to taxation on unrealized capital gains.
Posted by: Douglas Levene | Dec 12, 2012 3:26:55 AM