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.

Click here for: Tuesday, September 16

● ISIS “war” has strong bipartisan support

● School cops have military arms

● Obama wages war on immigration law

● HHS knew healthcare.gov was doomed

● Taxpayers on hook for $200 million fine

● How much is a billion?

Senate Republicans Block Paycheck Fairness Act

The vote was 52-40, not enough to get past a filibuster.

LISTEN: The Day Ahead – September 16, 2014

The Day Ahead Logo

The UN General Assembly gets underway, the E.U. Parliament votes on an association agreement with Ukraine, and new rankings of the world’s best universities.

House Attaches Syrian Rebel Training Amendment To CR

The amendment would allow training of the Syrian opposition, however stopped short on approving Obama’s request for $500 million in doing so

LISTEN: The World in 2:00 – September 15, 2014

The World in 2:00 continents logo

An on-the-ground report from Iraqi and Syrian Kurdistan as military leaders weigh their options for pushing back the Islamic State.

McConnell Challenger Touts Gun In New Ad

“Mitch, that’s not how you hold a gun,” Grimes says.