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In reply to the discussion: "White House officials gave in on the last issue...yielding to GOP wishes" (updated) [View all]ProSense
(116,464 posts)27. No, it's not speculation.
That was a fact from the start.
Senate Democrats like Schumer were constantly trying to increase the threshold, and the estate tax and other provisions were always a sticking point.
1) Accept the President's proposal with "dividends to be taxed as ordinary income" and the "estate tax to be levied at 45 percent on inheritances over $3.5 million."
2) Pass the Senate bill, "which currently taxes inheritances over $5 million at 35 percent," but excludes Obama's dividend proposal.
3) Go over the cliff when "the estate tax is scheduled to rise to 55 percent beginning with inheritances exceeding $1 million."
G.O.P. Balks at White House Plan on Fiscal Crisis
http://www.nytimes.com/2012/11/30/us/politics/fiscal-talks-in-congress-seem-to-reach-impasse.html
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"White House officials gave in on the last issue...yielding to GOP wishes" (updated) [View all]
ProSense
Dec 2012
OP
According to the linked article $5 million is the level the inheritence tax starts at.
Yo_Mama_Been_Loggin
Dec 2012
#22
yeah, my hopes are not great until perhaps the next redistricting but still, hope springs eternal.
unblock
Dec 2012
#14
I'm not criticizing you for criticizing others for criticizing the President. . .
markpkessinger
Jan 2013
#41
The nut jobs control half of Congress. NO deal was going to have 100% of what we wanted
NYC Liberal
Dec 2012
#15
hey if Schumer and the Democrats have a problem with the deal then they should negotiate a new one
bigtree
Dec 2012
#34
If we're talking about the level of the exemption, there is a logical reason for that, that some may
Warren DeMontague
Jan 2013
#43