Latest Presidential Tax Policies on Estate Exemptions
The good news on Estate Tax is that both candidates favor changing the current tax law that reverts Estate Tax Exemptions back to the $1 million and an estate tax rate of 55% in 2010.
It seems that both the Presidential Candidates are now narrowing their differences on Estate Tax Exemptions. In fact, Sen Obama is now favoring an Estate Tax Exemption of $3.5 million, whereas Sen McCain is favoring a $5.0 million.
On Estate tax rates, Sen Obama favors a tax rate of 45% versus a 15% for Sen McCain. It would appear that Democratically controlled US Congress would not go for the lower 15% tax rate even if Sen McCain wins.