Alternate proposal: estate tax deal: first $3.5 million tax-free to heirs; rest at 45% maximum rate
And THIS is what could be a deal breaker for those upset about the bill. The estate tax.
Give me a break.
Note: in 2010 -- all estates, no matter how big, have zero federal tax applied. Zero. Nada. Nil. Zilch.
In exchange for the current estate tax proposal, "we" all get:
- Extension of tax breaks for all Americans, including small businesses, farmers, small independent oil companies, small renewable energy companies
- Extension of renewable energy credits (automobiles, ethanol, etc)
- 2.5% break on social security withholding for all workers for one year ($5,000/month = $125/month)
- Unemployment extension for another 13 months -- that's one more month than a full year
- Congress goes into Christmas recess on time, sparing us the histrionics
And the estate tax issue is the deal breaker -- the deal breaker -- for at least one congressman/senator.
Give me a break. There must be a lot of congressmen with an estate worth $3.5 to $4.9 million, who expect to pass it on this year, and can't afford lawyers and accountants to find loopholes.
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