The Death Tax Lives On in Congressional Budget

By April 28, 2009Taxation

Dow-Jones is reporting that the Congressional budget will maintain the estate tax at current levels, with an $3.5 million for individuals and $7 million for couples. Sen. Kent Conrad, D-ND, says the tax rate for estates higher than that level will be 45 percent.

Supporters of lowering the estate tax further said they will continue to press for a more generous exemption and a lower rate when Congress actually takes up estate-tax legislation later this year.

“You would be hard pressed to find a manufacturer who falls below the $3.5 million exemption,” said Dena Battle, director of tax policy at the National Association of Manufacturers. “We remain hopeful that Congress will do something better than the current policy.”

More of the same, really: Love the jobs, burden the jobs-creators.

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