The estate tax is a center-front issue in the fiscal cliff talks.
Under the Republican proposal, 3,800 people would pay the estate tax year, also near an average of $3.3 million. The GOP proposal would raise $182 billion for federal tax coffers over the next 10 years.While this is all completely fluid, I think it is reasonable to expect the outcome somewhere between these two: $4.5M/35% versus $3.5M/45%, respectively.
Under Obama’s proposal, 6,500 people would pay the estate tax next year, with an average payment estimated at about $3 million. The president’s proposal would raise $284 billion in tax revenue over the next 10 years. [More]
In fact, "4 and 40" has kind of an almost Biblical ring to it, no?
Now if the income limit for tax cuts comes in at say $400,000, the chained-CPI phased in over 40 years, and the sequester cuts debate extended for forty days, we could manufacture a miracle that could get even religious-right hardliners on board.
Anybody have Biden's number?