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Announced Today: President's New Budget Seeks to Resurrect the Estate Tax

Earlier today, President Obama announced a newly proposed budget that seeks to raise the estate tax that had been previously lowered in the Jan. 1 “fiscal cliff” deal between the administration and congressional Republicans.

The new proposal would reinstitute 2009 estate tax levels in the year 2018, lowering the per-person exemption to $3.5 million from $5.25 million this year, and raising the top tax rate to 45 percent from 40 percent.

It would raise an estimated $79 billion over 10 years.

Also on the table is a call for capping the value of individual retirement accounts at $3 million.

Stay tuned for more information as it becomes available.

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