Report: Few hit by 2008 estate tax

Using data from the IRS, a report by Citizens for Tax Justice (CTJ) found that 0.6 percent of deaths that occurred in 2008 were hit by the estate tax. 

Under President Obama's proposal, which extends the 2009 law, fewer taxpayers would be subjected to the tax, the report found. 

Estates in 2008 worth more than $2 million (per spouse) were hit with a 45 percent tax. 

In 2009, the exemption level jumped to $3.5 million per spouse while the tax rate remained constant. Because of the increase in the exemption level, CTJ concludes that Congress adopted Obama's proposal so fewer estates would be subjected to the estate tax.

A copy of the report can be found at: www.ctj.org/pdf/estatetax2010.pdf.