TaxPersonal TaxClinton and Buffett defend US IHT

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,
reported
The
Guardian
.

‘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
in 2011.

Further reading:

Read
the Guardian story

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