Originally published 03/25/2013
Kenneth F. Scheve Jr. is a professor of political science at Stanford University. David Stasavage, a professor of politics at New York University, is the author of “States of Credit: Size, Power, and the Development of European Polities.Under the deal struck by President Obama and Congress to avert the “fiscal cliff,” the estate tax — long targeted for elimination by Republicans — survived, but in a substantially diminished form.In 2001, the year George W. Bush became president, individual estates over $675,000 were taxed and the top rate was 55 percent. Now, the maximum tax is 40 percent and only individual estates worth more than $5.25 million are taxed (a figure that will now be automatically adjusted for inflation).
- Two-Thirds of European Men Descend From Three People
- In Osama bin Laden Library: Illuminati and Bob Woodward
- ISIS Fighters Seize Control of Syrian City of Palmyra, and Ancient Ruins
- A Black Man Hangs a White Supremacist: Tyler Shields’s Charged Photography
- Skulls Suggest Violence Used as a Tool of Political Control