Sentence examples for lower exemption from inspiring English sources

He suggests restoring the lower exemption and higher rate and excluding all legitimate small businesses and family farms.

As a result, he said, shareholders who receive the lower exemption could end up paying an assessment for more than the amount they receive from the program, while those who receive the higher exemption would pay less.

So what few predicted would happen did happen: the tax is gone for one year but set to be revived in 2011 at a higher rate and a lower exemption, unless Congress acts.

That is a result of a legislative compromise way back in 2001, which ultimately brought the respite from the estate tax this year and its resumption next year with a higher rate and a lower exemption than in the past.

The group said 108,000 estates would have to file returns under the lower exemption and 44,000 would pay tax, compared with 15,000 estate tax returns in 2009 with 5,500 owing tax.

The only caveat for the wealthy is that the tax compromise reached by Republican leaders and President Obama is set to expire in two years and revert to much lower exemption levels and a higher tax rate.

Some other states also have lower exemptions than the $5 million that federal law provides.

While only Connecticut has a state tax on gifts, about 20 states have estate taxes with much lower exemptions than the federal tax.

Proponents of the estate tax, mainly Democrats, argue that we should return to lower exemptions and higher rates so that the wealthy can contribute much-needed dollars to the nation's recovery.

In the United States, for example, the importance of the personal income tax as a revenue source increased significantly during World War II, when higher rates, lower exemptions, and a deduction-at-source system of collection were introduced.

But the rate increases were not as inclusive as those he had campaigned for — he wanted tax rates to rise on incomes above $250,000, dividends to be taxed as ordinary income and inherited estates to face considerably higher rates and lower exemptions from taxation than the final deal demanded.