News - Estate and Federal Taxes

Ninety-seven percent of Americans got the muddy end of the stick in the lopsided tax bill President Obama signed into law in December. Of that 97 percent, people of color will suffer the most.

The super-rich got an early Christmas gift in the $858 billion tax package that President Obama signed into law on Friday. On top of a two-year extension of Bush-era income tax rates, the wealthiest Americans dodged an estate tax that was set to jump up from zero to 55% for individuals worth more than $1 million.