Romney Says He’d Repeal Estate Tax

The estate tax, or ‘death tax,’ as some call it, is money that the government collects through the transfer of a “taxable estate” of an individual who dies. The current maximum federal estate tax rate is 35%, though estates valued at $5.12 million or less are exempt.

In addition to the federal estate tax, a handful of states have their own.

President Obama has said that he’d like to raise the top rate to 55% — where it was prior to the 2001 Bush tax cuts — and reduce the exemption threshold to $1 million. That will happen starting in January unless Congress intervenes before then.

Campaigning in Iowa today, GOP presidential nominee Mitt Romney said that as president he would repeal the tax completely. Doing so, he argued, would benefit rural farmers with as little as 150 acres of land.

“We ought to kill the death tax,” he said. “You paid for that farm once, you ought not pay for it again.”

Romney’s critics, however, say the plan to scrap the estate tax would directly benefit the millionaire candidate and his family.

Tags: , ,

Geoff Holtzman
Geoff Holtzman is Talk Radio News Service's Deputy Bureau Chief. As one of TRNS's primary correspondents, he helps cover the White House and Capitol Hill. Geoff also covered the 2012 presidential campaign, following the candidates to Iowa, New Hampshire, South Carolina, North Carolina, Florida and elsewhere. In the process, he learned that not all Motel 6's are created equal. Follow Geoff on Twitter @Geoff_Holtzman.

By Leah Schwarting (TRNS) – Assistant Secretary Nisha Desai Biswal of the Bureau of South and Central Asian Affairs pledged [...]

LISTEN: The Weekend Ahead – December 20-22, 2014

The Day Ahead Logo

New E.U. sanctions against Crimea go into effect, Liberia holds elections and President Obama hits the Sunday morning talk show circuit.

LISTEN: The World in 2:00 – December 19, 2014

The World in 2:00 continents logo

President Obama disagrees with Sony’s decision to scrap release of “The Interview,” and Ban Ki-moon surveys Ebola-affected West Africa.

Obama: Benefits Of Keystone Would Be Minimal

Obama

“There is very little impact, nominal impact, on U.S. gas prices, what the average American consumer cares about,” Obama said.

Pentagon: Hagel Briefed Friday On Army’s Report On Sgt. Bowe Bergdahl

Bergdahl, who was held in Afghanistan for five years as prisoner of a pro-Taliban group, was released in a prisoner exchange with five Taliban commanders previously held at the Guantanamo Bay detention facility in May.

Obama: Sony ‘Made A Mistake’ In Pulling Controversial Film

Obama

“We cannot have a society in which some dictator some place can impose censorship here in the United States,” Obama said.