Wall Street Journal is reporting that President Obama will move to prevent the estate tax from expiring next year. This will be good for the budget. Some disappointing news to the handful of super wealthy who potentially have to pay a little under the levy. Obama would lock in the exemption at $3.5 million -- or $7 million for couples. Sen. Lincoln, what say you? Is a $7 million tax exemption (a figure of net assets above any debt, remember) enough to protect the small family farmer?
Be sure to read the story. Fascinating on how this developing compromise was reached -- in part because the super wealthy wanted to throw small businesses and small farmers and everyone else overboard with a flat 15 percent estate tax on EVERYONE. A windfall of staggering proportions for people named Walton; a screwjob for everyone else, in keeping with the tax-work-not-wealth core principle of the super rich.