Eyed for elimination, estate tax remains controversial on campaign trail

Eyed for elimination, estate tax remains controversial on campaign trail

 

Though the so-called “death tax” is on life support these days, some of the candidates vying for a U.S. House seat in Maine’s 2nd District aren’t ready to give up on it.

Fifteen years ago, the federal government taxed more than 600 estates left behind by wealthy Mainers.

During the past five years, the number of Maine estates subject to the so-called “death tax” averaged 42, the consequence of revisions that have pushed ever higher the wealth someone must possess before the government grabs a share.

Put another way, that means the estate tax will apply to only about one in every 2,900 Mainers who dies.

For U.S. Rep. Bruce Poliquin, a 2nd District Republican in his second term, that’s still too many. He said recently he remains committed to abolishing the death tax. But the candidates jostling for the chance to run against him next year generally have a sharply different take. ...

Green Party hopeful Henry Bear said the estate tax “does not reward hardworking Mainers. It rewards the lucky.”

Bear said the nation should restore the 70 percent estate tax it had decades ago with a $1 million exemption. At that level, he said, the government could tax “a very small number of very lucky people” and raise $500 billion extra each year. ...

 

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