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: Friday, August 1

● Consumers should beware overdraft protection

● USDA unveils poultry inspection system

● Oil and gas industry burdens taxpayers

● Rebellion smolders after Bundy standoff

● Sales tax holiday is not a vacation

● Religion and politics: A taxable mixture

Senate Rejects Emergency Border Bill

A CBP Border Patrol agent scans the area into Mexico with binoculars looking for illegal immigrants potentially staging to enter the U.S.

Two Democrats joined Senate Republicans in blocking the bill, which would have provided $2.7 billion in emergency funding for the southern U.S. border.

Senate Approves VA Reform Bill

Erie VA Medical Center Erie, PA. Photo/Dept. of Veterans Affairs.

In a rare glimpse of bipartisanship, the Senate approved the bill to overhaul the VA on the cusp of the August recess.

Israel and Hamas Commit to 72-Hour Ceasefire

A Palestinian student inspects the damage at a UN school at the Jabalia refugee camp in the northern Gaza Strip after the area was hit by Israeli shelling on 30 July 2014. UN Photo/Shareef Sarhan.

The three day ‘humanitarian pause’ in fighting will enter into effect at 8:00 a.m. Friday morning.

U.S.-Africa Summit A Go, Ebola Virus Or No

“I think the future will show that Africa is the continent of the greatest opportunity this century,” Sen. Chris Coons (D-Del), chair of the Senate Foreign Relations Subcommittee on African Affairs.

House Republicans To Meet Friday, Delaying Recess

Senate Democrats continue to fight to push through a $2.7 billion alternative to President Obama’s original $3.7 billion proposal.