Obama to keep Estate Tax

Yay! One of the first, good, concrete things I've heard so far!

Of course, Congress hasn't passed the new rule yet and anything could happen, but it would appear that Obama and the Dems will not let the Estate Tax phase out to zero as planned for 2010.

And quit calling it the "Death Tax." That's just a euphemism that the Republicans use to hoodwink the rubes into thinking that the tax might affect THEM and to abolish it.

Obama Plans to Keep Estate Tax

Democrats Want to Freeze Levy at Current Levels Instead of Letting It Expire Next Year

By JONATHAN WEISMAN
President-elect Barack Obama and congressional leaders plan to move soon to block the estate tax from disappearing in 2010, suggesting the levy might outlive the "Death Tax Repeal" movement that has tried mightily to kill it.

Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%. If the tax were returned to Clinton-era levels, it would exclude $1 million from taxation with the rest taxed at 55%.

In making their case for the restoration, Democrats contend that such a large additional tax break for the rich shouldn't go into force halfway through Mr. Obama's proposed economic-recovery package. They argue that the deficit is already in record territory, while their plan wouldn't have any impact on the economy since it would merely keep the estate-tax rate at its current level. Mr. Obama and his party also say that the affluent already have benefited handsomely from the Bush tax cuts.

whole story is here. Careful, though, this article is from the Wall Street Journal, er, I mean the Murdoch Street Journal, so it's tilted to the wealthy already.