Estate Tax comparisons

by Linda Beale

Friday Animations–Estate Tax
crossposted with Ataxingmatter
[now updated to provide the animation feature–thanks to Steve Cook, at the Cook law firm, available here and Ataxingmatter]

Well, not exactly an animation, but Estate tax attorney Douglas A. Cook has a chart on the Federal Estate Tax 2001-2011 (linked from the Wills, Trusts & Estates Prof Blog) and also as an animation (see below). Certainly a picture worth a thousand words in terms of showing that ordinary Americans are essentially not taxable under any version of the estate tax. So what the Obama -GOP deal amounts to is a giveway to those few millionaires who had enough assets in the wrong category that they would actually have to pay some amount of tax–only about 5,500 estates under the 2009 version of the bill, about 145,000 in 2011 if the current laws (enacted under GW Bush) remain without any action by today’s Congress to change them, but even fewer than 5500 under the Obama deal for a $5 million exemption and a mere 35% top rate.