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Will revised estate tax laws pay for health care reform?


Posted on May 12, 2009

This week the Obama administration announced that it plans to raise money for an ambitious health care reserve fund by changing estate tax law and closing certain tax loopholes.  The administration hopes to raise almost $60 billion over 10 years through proposed changes.

 

The approximately $634 billion health care reserve fund would be used to revamp the healthcare system and expand health care insurance benefits to Americans without it.

 

Right now the law allows for a $3.5 million estate tax exemption per person ($7 million per couple).  In order to raise $24 billion over 10 years lawmakers have proposed tightening estate tax laws.  The proposed changes relate to how assets in an estate are valued.

 

A senior Treasury official, speaking to reporters on condition of anonymity, claimed that less than three-tenths of 1 percent of estates would be affected by the changes.

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