None of the candidates has a handle on the estate tax
In response to your April 14 story “With candidates behind estate tax, chance of repeal seen as unlikely,”…
In response to your April 14 story “With candidates behind estate tax, chance of repeal seen as unlikely,” it is apparent that no presidential candidate has the estate tax right.
Sens. Hillary Clinton, D-N.Y., and Barack Obama, D-Ill., both propose exempting a too-generous $3.5 million per spouse. The plan from Sen. John McCain, R-Ariz., to raise the exemption to $5 million would cost hundreds of billions of dollars of needed revenue over 10 years, according to the Congressional Budget Office.
It would be far better if the exemption remained at $2 million, the current rate. The estate tax is the most progressive and socially responsible tax in the country, and it in no way taxes the same money twice.
Large portions of fortunes that are taxed under the estate tax have never been previously taxed.
During this time of shrinking revenue, cutting billions in tax revenue is an irresponsible act.
Bridget Cooke
Retired teacher
New York
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