His tax cuts gradually increased the amount exempt from estate taxes, while lowering the rate until 2011.
After a bitter battle, President Obama and the Republican-led House struck a deal in the waning days of 2010 to exempt $5 million from estate taxes and set the rate at 35% for two years.
The result? An estate worth $25 million would have been subject to about $13.2 million in federal taxes had Bush not changed the law. Now, it will fork over less than $7 million, according to Roberton Williams, a senior fellow at the Tax Policy Center.
More than a third of Americans lived in households receiving government assistance in mid-2010.
|Boost for trade as global deal struck|
|Someone bought a $100,000 Tesla with Bitcoins|
|2 million Facebook, Gmail and Twitter passwords stolen in massive hack|
|Where should you put your money now?|
|Economy is improving but why doesn't it feel that way?|