Obama also wants the estate tax to revert in 2018 to its 2009 levels – an exemption of $3.5 million for an individual or $7 million for a married couple at a maximum tax rate of 45 percent.With this kind of duplicity, it amazes me that any Republican elected officials would go across the street to negotiate with Obama, let alone go to dinner with him. A deal today isn't going to be a deal tomorrow, or next week or three months from now, or whenever the president decides to conveniently forget about it. He's proven he can't be trusted, so why continue to negotiate?
This proposal comes despite Congress' approving the “fiscal cliff” deal in January, which set the estate tax permanently at 40 percent for amounts above $5.12 million.
“That's something we're very concerned about,” [Dustin] Van Liew said. “Congress recently in the agreement at the beginning of the year made the estate tax levels permanent. A few months later, the president is now saying he didn't support the agreement he signed to make them permanent and he wants to increase the levels of estate tax.
“Again, that is a problem for our industry and (ranchers') ability to pass on their operations to future generations,” he said.
Thursday, April 11, 2013
Obama tax flip-flop shows duplicity
Here's a snippet from my upcoming story on cattle groups' opposition to new federal-land grazing fees that were included in President Obama's proposed budget.