No. of Recommendations: 0

It was all sleight of hand and misdirection. By calling the estate tax the pejorative death tax and whipping people into a frenzy about something that does not affect the great majority of them, he was able to raise their taxes (and complicate their lives) by abolishing stepped-up basis and replacing with carry-over basis (like lifetime gifts), thereby assuring that all the heirs who inherit from estates that would never have estate taxes pay considerably larger capital gains taxes.

Could you maybe explain who had to pay how much under the old estate tax? How much is this "unified credit deduction"?
Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.