In the State of the Union address, President Obama called for strengthening tax benefits for middle class and low-income working families, and for investing more in child care, early education, and higher education, including making the first two years of community college free. Responsible Wealth is gathering signatures in support of the President's plan.
UFE and Responsible Wealth have held many press events featuring remarkable guest speakers from varying walks of life and work. Many of those speakers are wealthy individuals who have been, or will be, affected by the estate tax. But, they all have at least one thing in common – passionate support for the estate tax, because of what it represents: the common good and opportunity for all Americans.
Looking ahead on the tax front, the House, Senate and President have all put forward budgets. All sides are doing their best to appear willing to compromise, but before a unified budget is passed, House Republicans, Senate Democrats and the Administration will all have to agree on the specifics. In other words, it’s unlikely that anything will happen soon.
Unless you’ve been backwoods skiing and just made it back to your iPhone, you already know that both the Senate and House passed legislation that extends the $10 million per couple estate tax exemption and raises the rate to 40%. The good news? We still have an estate tax, and it's been strengthened for the first time in 28 years. The bad news? It's still not strong enough, and there's more to be done.