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Thursday, December 9, 2010

Quote of the Day

"We're wondering when Obama will change his registration. Apparently, it is easier to serve the American public and to bear the weight of governance, if you adopt GOP positions, wholesale."

By the way, $3.5 million exemption from the estate tax?

Do the math on the astounding rise in that level since Bush started in on that in 2000, when it was $675,000. I'd bet it has gone up faster than inflation or wage growth by an order of magnitude.

I calculate an 18% compound annual rate of increase in the exemption.

Instead, why don't we just index the year-to-year exemption to the GDP growth rate, so we don't end up with another tax-law-farce-in-law?

If we took an annual growth rate in the range of 4% to 7%, then we'd get an exemption level between $1,000,000 and $1,300,000.