Or do I repeat myself. The United States has the fourth highest estate tax in the world, according to a new study by the Tax Foundation. What does this have to do with Republicans? Didn’t they just regain control of the Congress? Isn’t the president a Democrat who can veto any legislation passed by a Republican Congress?
Well, the so-called Bush tax cuts gradually eliminated the estate tax. That’s right, for those dying in 2010, there was no estate tax.
The problem is that the Bush tax cuts were set by the Republican Congress that passed them to expire at the end of 2010. This necessitated the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (TRUIRJCA) to extend them. However, the extension revived the estate tax with a maximum rate of 35 percent. Thanks Republicans. Thanks for being so stupid.
3:41 pm on March 18, 2015
