Report: Some Congressional Democrats Oppose President Obama’s Proposal to Raise the Estate Tax

by Colonel on November 30, 2012

“Divisions among Democrats are undermining President Barack Obama’s push to raise the U.S. estate tax on inherited wealth, just weeks before the arrival of the “fiscal cliff”.

Action on the estate tax could be postponed. But in his successful re-election campaign, Obama called for wealthy Americans to pay more in taxes – and it is overwhelmingly the wealthy who pay the estate tax.

The outcome may hinge on whether Obama insists on his estate tax proposal – or something close to it – as forcefully as he has insisted on raising individual income tax rates for high income-earners, or whether he lets the issue be put off.

Under laws signed a decade ago by former Republican President George W. Bush, the estate tax is applied to inherited assets at 35 percent after a $5 million exemption.

” — Copyright 2012 NewsMax Media Inc

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