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“Hillary Clinton Proposes 65% Top Rate for Estate Tax” blared a headline in The Wall Street Journal. Since the current top statutory tax rate on estates is 40 percent, Clinton’s proposal is nothing if not audacious. I can’t recall Barack Obama, our most left-leaning president, ever calling for a 65 percent increase in tax rates for the rich.
A Look at Trump's Claim About Clinton's Estate Tax Plan
Donald Trump suggested to an audience in Iowa Wednesday that family farmers will pay a 65 percent estate tax rate under Hillary Clinton's proposed tax plan, making it impossible for their children to "hold onto your farms." But how does that mesh with the facts? At the event, Trump said: “By the...
One of the primary estate planning concerns for most clients is estate taxes. Indeed, for most people, the main goal of their estate plan is to reduce or eliminate Texas estate tax, if at all possible. The federal estate tax rate is 40%, however, there is an estate tax exemption available. While Texas no longer [ ] The post Answers to Your Questions about the Estate Tax appeared first on Vermillion Law Firm LLC.
MOSTLY FALSE: Clinton is indeed calling for a 65% tax rate, but this only applies to the largest estates — those valued at more than $1 billion per couple. That would probably include very few, if any, family farms.