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.

No comments yet.

Leave a Reply

You must be logged in to post a comment.

Coons Backs Iran Deal As Obama Inches Closer To Victory

Photo/Office of Sen. Chris Coons

“We are better off trying diplomacy first,” Coons said to The Washington Post.

The World in 2:00 – September 1, 2015

The World in 2:00

President Obama talks climate change in Alaska and Bolivia announces a major anti-capitalist climate summit to be held next month.

Sen. Casey Endorses Iran Deal

Bob Casey

“This agreement will substantially constrain the Iranian nuclear program for its duration, and compared with all realistic alternatives, it is the best option available to us at this time,” Casey said.

McConnell: We Don’t Have The Votes To Defund Planned Parenthood

Senate Majority Leader Mitch McConnell speaking to reporters.

Conservatives have rallied around the cause after controversial videos of officials purportedly discussing the price for fetal tissue in undercover videos came to light.

Poll: 61% Of Trump Supporters Are Birthers

Just 21 percent correctly identify that President Barack Obama was born in the U.S.

Labor History In 2:00- 9/1

labor2

The First Overnight Sleeping Car Ride