Thursday, March 12, 2009

Death Tax by Foot Note - Inheritance Tax Subterfuge

From Human Events
Obama Hides Death Tax Proposal in a Footnote
by Dick Patten

"Footnotes are generally used to disclose sources or to explain an obscure fact. They are not used to recommend massive tax policy changes. Yet this is just what Obama does in his Fiscal Year 2010 Budget Proposal.

Slog through the budget to page 127, and see footnote 1, which states, “[T]he estate tax is maintained at its 2009 parameters.”

"Clearly, if Obama can’t be upfront about the [inheritance] tax plans in his budget proposal, he knows that he faces strong opposition.

Let’s see how long he can keep his secret."

Secret's out!!!

July 25, 2008
Tax Foundation's Tax Policy Blog

McCain does not favor permanent repeal of the estate tax. And Obama does not want it fully restored. Obama would impose a 45 percent tax rate with $3.5 million exclusion, which is lower than pre-Bush tax cuts, yet significantly higher than 2010 scheduled law ($0).

Obviously neither or the author Dick Patten are reliable sources of information on the "death tax." Actually when it comes down to it, "death tax" is a pretty accurate clue that the information forthcoming is going to be misleading or outright false.

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