The New York Times just published an article about President Obama’s proposal to raise nearly $60 billion more over a ten year time period “from tightening rules for inheritance taxes affecting the wealthiest estates”:
Revised estimates show that his main idea for financing the initiative — a 28 percent limit on deductions for Americans in the top two tax brackets — would raise $266.7 billion over a decade, not $318 billion as he had projected in his overall budget blueprint last February.
More than $24 billion will come from estate and gift taxes. If there’s anything I truly hate, it’s inheritance tax. President Obama: When you proposed this magical idea to the public, did you tell them that the wealthiest Americans would be paying for everything? As much as I support affordable healthcare, the United States is in no position to over tax a specific group of people to achieve one end.