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.