How Not to Report on the Estate Tax

Reuters (7/14/10) has a report today on the efforts by senators Blanche Lincoln (D.-Arkansas) and Jon Kyl (R.-Arizona) to greatly reduce the amount wealthy estates owe in federal taxes. Under current law, after a one-year suspension, the federal estate tax rate will return to its pre-2001 level of 55 percent, with the first $1 million exempt. Lincoln and Kyl’s proposal would change the rate to 35 percent and exempt the first $5 million of an estate. This change would save millionaires $440 billion in its first decade, and add the same amount to the federal deficit. How does Reuters report […]