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.

Russia’s Actions In Crimea Are Being Repeated In Eastern Ukraine: US

Russia is diverting attention from its “territorial expansion” and “fear-mongering by trying to change the subject,” Ambassador Samantha Power said.

Lerner Looked Into Prosecuting Tea Party Groups

New documents show that ex-IRS official Lois Lerner consulted with government lawyers on possible charges against conservative groups that had sought tax-exempt status.

Poll: Uninsured Rate Lower In States Allowing Obamacare

21 states, and the District of Columbia, have embraced Obamacare.

Poll: Huckabee Tops GOP Field In Iowa

Despite Huckabee’s early lead, 23.8 percent said that they are still undecided.

Reps. Royce, Engel To Lead House Delegation To Ukraine

The trip is in an effort to “access the effect of ongoing U.S. efforts to support Ukraine.”

Bloomberg: “I Have Earned My Place In Heaven”

“When I get to heaven I’m not stopping to be interviewed,” he said. “I am heading straight in.”