Clinton and Buffett defend US IHT
Increasing relief on IHT in the US is criticised by Hillary Clinton and Warren Buffett
US presidential candidate Hillary Clinton was joined by uber-investor Warren
Buffett in making a case to keep inheritance tax rules in place.
They made a case for keeping the tax, which the Republicans helped to
temporarily scrap in 2010, as a symbol of the country’s merit-based system,
‘The estate tax has been historically part of our very fundamental belief
that we should have a meritocracy, that we do not want a system – where we
expect people to make it on their own – to be, over time, dominated by inherited
wealth,’ Clinton said.
Estates worth over $2m (£0.98m) will be exempt from the tax this year and
next, the exemption then rising to $3.5m before disappearing in 2010 – returning