Transcript: White House official on estate tax increases proposed in the FY2014 budget

Edited by Jenny Jiang
Partial transcript of remarks by a White House official on estate tax increases proposed in the FY2014 budget. The press briefing was held on April 10, 2013.

Question:
If I’m reading this right, you’ve proposed $71 billion over 10 [years] from restoring the estate tax to the 2009 parameters. I thought that you guys signed in the fiscal cliff deal a permanent change in the estate tax at different levels? So are you proposing to get rid of the deal that was in the fiscal cliff tax bill?

Jeffrey Zients, Acting Director of the Office of Management and Budget (OMB):
It kicks in in 2018. So the estate tax reverts back to the 2009 parameters as of 2018.

Question:
You mean under current legislation it already does that?

Jeffrey Zients, Acting Director of the Office of Management and Budget (OMB):
No, we are proposing that.

Question:
Why so soon after the President signed that bill, which was permanent, would you propose to change it?

Jeffrey Zients, Acting Director of the Office of Management and Budget (OMB):
This impacts very few estates. I think the figure is 3 out of 1,000. I think there’s still a $3.5 million individual exemption, $7 million per couple, takes the rate of 45% from 40%. And we believe that in these fiscal times that it’s responsible policy in 2018 for the estate tax to return to the 2009 parameters.

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2 Comments on “Transcript: White House official on estate tax increases proposed in the FY2014 budget

  1. Pingback: Transcript: White House officials on deficit reduction measures proposed in the FY2014 budget | What The Folly?!

  2. Pingback: Transcript: Remarks by OMB Acting Director Jeffrey Zients on the Obama FY2014 budget | What The Folly?!

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