We all knew President Barack Obama’s lame-duck presidency would be bad, but for the millions of Americans who work at family farms and businesses, it’s about to get a lot worse.
As Heritage Foundation tax expert Curtis Dubay wrote at The Daily Signal, Obama is trying to sneak in a tax hike in his twilight days. His Treasury Department unveiled midnight regulations that effectively would increase the death tax to 30 or 40 percent.
If Obama channeled his desire and creativity in raising taxes into cutting spending, we probably would have a budget surplus by now.
In this case, the president’s creativity involves tinkering with well-established “valuation discounts” that families use to calculate their death tax liability.