Obama Administration Budget Proposes Keeping Estate Tax at Current Level

Yesterday I blogged about the Administration’s continued support for limiting the tax benefit for itemized deductions in its proposed fiscal year 2010 budget.  The Chronicle of Philanthropy reports that the budget also assumes that the estate tax will be maintained at its current levels.  More specifically, the Administration assumes the estate tax exemption amount will continue to be $3.5 million and the maximum estate tax rate will continue to be at 45 percent (the rate schedule starts at 18 percent).

LHM