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They increased the exemption on a series of estate-related taxes and lowered the tax rate on any amount over those limits.
The Democratic plan he and Mr. Gephardt favored would have increased the size of estates exempt from the tax to $2 million next year, $4 million for a couple, and would eventually have increased the exemption to $2.5 million for an individual and $5 million for a couple.
Over the pained howls of liberals, Congress has increased the exemption from the federal estate tax to $5 million, leaving fewer than 4,000 families likely to be stuck paying the 35% tax in 2011.
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Elsewhere in the budget, Osborne increased the exemptions from carbon taxes of industries that are heavy energy users and, therefore, heavy polluters.
The bill would increase the exemption for the alternative tax to $62,550 for married couples, up from $58,000 last year.
Increasing the exemption for "small" businesses is not only unnecessary, but also would probably worsen the situation.
By increasing the exemption from $2 million to $5 million per couple, more than 99percentt of estates would not pay a penny in taxes.
Increasing the exemption in line with inflation would cost $400 billion in forgone tax revenue over the next decade.
The resolution the trustees passed earlier this month asks the State Legislature to amend state tax law to allow the village to increase the exemption to $400,000.
Democrats correctly refused to consider a proposal to increase the exemption to $10 million for couples and $5 million for individuals, an unconscionable giveaway to the wealthy at a time when ordinary Americans are suffering.
I will send to Congress a reform to increase the exemption -- with the goal of doubling it from 3,500 dollars to 7,000 dollars for every dependent, in every family in America.
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