2016 Democrats on Estate Tax

CBS News: “Hillary Clinton During Her 2008 White House Bid Advocated Making The Wealthiest Americans Pay More Estate Tax By Capping The Per-Person Exemption At $3.5 Million And Setting The Top Rate At 45 Percent.” [CBS News, 6/17/14] Baltimore Sun: Martin O’Malley Signed Into Law A Bill That “Will Gradually Cut The Number Of Taxpayers Subject To The Estate Tax By More Than 80 Percent” In Maryland. “While O'Malley's signing of the transgender bill pleased his allies on the left, they were disappointed in his decision to sign legislation that will gradually cut the number of taxpayers subject to the estate tax by more than 80 percent. The law, strongly supported by House Speaker Michael E. Busch and Senate President Thomas V. Mike Miller, was seen as a way of keeping wealthy taxpayers in Maryland.” [Baltimore Sun, 5/15/14]  The Estate Tax Reduction Signed By O’Malley Was Set To “Gradually Raise Maryland’s $1 Million Estate Tax Exemption To Match That Of The Federal Government’s, Which Was $5.25 Million Last Year.” “The estate tax measure, which has passed the House, would gradually raise Maryland’s $1 million estate tax exemption to match that of the federal government’s, which was $5.25 million last year. The exemption is the amount of wealth that is not subject to the tax.” [Washington Post, 3/20/14] Then-Senators Biden, Clinton, And Webb Voted Against An Amendment To Raise The Estate Tax Exemption To $5 Million From $1 Million In 2007. [S. Amdt. 583, S. Con. Res. 21, Vote 102, 3/23/07] New York Times: The Biden-McConnell Fiscal Cliff Compromise “Permanently Increase[d] Tax Rates To 40 Percent From 35 Percent On The Value Of Estates Over $5 Million.” [New York Times, 1/1/13]  Center On Budget And Policy Priorities: “The American Taxpayer Relief Act Of 2013 Set The Estate Tax Exemption At $5.25 Million For 2013…And Indexed That Level For Inflation In Future Years. It Set The Top Rate At 40 Percent.” [Center on Budget And Policy Priorities, 3/23/15]