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The Obama administration proposed on Monday to raise nearly $60 billion by closing loopholes including those related to the estate tax, and also revived a bid to cap deductions wealthy individuals can claim.
Funds raised from the estate tax and other changes would go to beef up a healthcare reserve fund, a $634 billion pot of money President Barack Obama wants to use to revamp the healthcare system and expand insurance to tens of millions of Americans who lack it.
The White House wants to raise $24 billion over 10 years by tightening rules for the estate tax, a levy on the portion of inheritance that exceeds an amount excluded by law.
Currently, the first $3.5 million of an individual's inheritance and $7 million of a couple's inheritance are exempted. The Obama administration would change how assets are valued.
The official acknowledged opposition among lawmakers but said Congress is going to need to find money from somewhere for its ambitious agenda and to impose fiscal discipline.
I don't like Obama universal health care because it costs too much. This is the first time in US history we are taxed LEFT and RIGHT.
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