- Marionville mayor ‘kind of agreed’ with Kansas City shooter’s views
- Rev. Al Sharpton’s Easter message: Politically ‘crucified’ Obama has risen again
- Supreme Court to weigh challenge to ban on campaign lies
- UNICEF launches ‘Mr. Poo’ mascot in India to curb public defecation
- Teen taking selfie by train: ‘Wow, that guy just kicked me in the head’
- Goodbye, Afghanistan — hello, Africa: Air Force to shift as U.S. exits Middle East
- Iran mulls ban on vasectomies, decrease on abortions to bolster population
- CNN op-ed claims right-wingers ‘more deadly than jihadists’
- Classes resume at high school rocked by stabbings
- ABC News accuses Center for Public Integrity of stealing Pulitzer-winning work
Obama budget resurrects the estate tax
President Obama seeks in his new budget to raise the estate tax, which was permanently lowered in the Jan. 1 "fiscal cliff" deal between the administration and congressional Republicans.
Mr. Obama's proposal would reinstitute the estate tax in 2018 at tax rates imposed in 2009, when about 3 in 1,000 people were subject to the tax. It would raise about $79 billion over 10 years.
The plan would drop the per-person exemption to $3.5 million from $5.25 million this year, and raise the top tax rate to 45 percent from 40 percent.
"As part of the end-of-year 'fiscal cliff' agreement, congressional Republicans insisted on permanently cutting the estate tax below those levels, providing tax cuts averaging $1 million per estate to the very wealthiest Americans," the White House said in its budget. "It would also eliminate a number of loopholes that currently allow wealthy individuals to use sophisticated tax planning to reduce their estate tax liability."
Acting Budget Director Jeffrey Zients said the proposal is "responsible fiscal policy."
© Copyright 2014 The Washington Times, LLC. Click here for reprint permission.
About the Author
Dave Boyer is a White House correspondent for The Washington Times. A native of Allentown, Pa., Boyer worked for the Philadelphia Inquirer from 2002 to 2011 and also has covered Congress for the Times. He is a graduate of Penn State University. Boyer can be reached at firstname.lastname@example.org.
- Obama commutes drug dealer's sentence because of clerical error
- U.S. military on high alert as Ukraine troops trade gunfire with pro-Russian militants
- Obama calls for prayer on anniversary of Boston Marathon bombing
- Obama urges Putin to defuse Russian separatism in Ukraine
- Obama: Time for stand against 'religious-based' violence
Latest Blog Entries
- Obama and Boehner congratulate U.S. men's hockey on win over Russia
- Americans say income gap will shrink if government butts out, poll shows
- WH spokesman Jay Carney recognizes beard's 'insufficiency,' shaves it off
- Obama misses deadline again on budget
- Biden burns rubber in driveway, laments road restrictions
TWT Video Picks
By returning to Christian roots, the nation can achieve greatness once again
- 'Culture of intimidation' seen in Nevada ranch standoff
- Rand and Ron Paul ride to the rescue for Bundy in Nevada standoff with feds
- Fuel-filled wings, ability to swarm: Pentagon offers glimpse at future of drone fleet
- WEBER: Obamacare cuts home healthcare for millions of seniors
- UNICEF launches 'Mr. Poo' mascot in India to curb public defecation
- CARSON: Recovering Tocqueville's vision of American exceptionalism
- Nevada Bundy ranch standoff could leave dirt on Harry Reid reputation
- CNN op-ed claims right-wingers 'more deadly than jihadists'
- U.S. Navy to turn seawater into jet fuel
- GOP writes legislation to deny Attorney General Eric Holder his salary
Celebrity deaths in 2014
Top 10 handguns in the U.S.