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Drew Cline reports GOP U.S. Senate candidates Kelly Ayotte, Jim Bender, and Bill Binnie have signed a pledge vowing to repeal all federal estate and gift taxes. The facts:
Less than half a percent of estates pay any estate tax.
The average small business or family farm pays about 12 percent.
37 percent of the value of estates worth more than $1 million and 56 percent of estates worth more than $10 million have never been subject to taxation as income.
Repeal would cost at least $500 billion over 10 years.
Repeal costs about 15 times more than extending unemployment benefits did, and we heard that the benefits were too expensive to finance with deficits.
