Obama’s Budget Aims to Expand the Estate Tax

Just a few months ago, President Obama and Republican lawmakers on Capitol Hill negotiated their way off the fiscal cliff and agreed to make the estate tax a mere shadow of its former self – so much so, according to estimates from the Tax Policy Center, that only 3,800 estates will owe any federal estate tax in 2013. President Obama’s new budget proposal, however, aims to turn things back around. It would raise the estate tax rate to 45 percent …

A Massive Tax Hike Could Be in Your Future

Get ready to pay more in taxes, that is, if we fall off the so-called fiscal cliff (and perhaps even if we don’t). An analysis by the nonpartisan Tax Policy Center says most households can expect an unprecedented tax increase next year – an average $3,500 per household – if every tax cut enacted by Congress since 2001 does, in fact, expire. Middle-income households (those earning between $39,790 and $64,484) would pay an average tax increase of $2,000. Lower income …