The so-called "death tax" refuses to die.Despite pleading from Republicans to kill the estate tax, President-elect Barack Obama plans to do no such thing. According to the Wall Street Journal, Obama and congressional leaders "plan to move soon to block the estate tax from disappearing in 2010."
George W. Bush has made eliminating the death tax one of the cornerstones of his economic policy before the current crisis. Critics of the tax dubbed it "the death tax" as if Uncle Sam in standing before the pearly gates of heaven with his hat in his hand. They claim it is a huge burden to small businesses. Nothing can be further from the truth.
Data from experts show that a small number -- several hundred -- small family businesses ever pay the tax. Only individuals with estates of more than $2 million and couples with more than $4 million estates are subject to the tax. Estate taxes are designed -- in theory anyway -- to prevent the U.S. from developing a European-style aristocracy based on familial wealth. That's why Warren Buffett backs the tax.
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