Jul 1, 2008 12:00 PM, By Patricia M. Soldano

By: By Patricia M. Soldano

While neither the presumptive Republican nor Democratic candidate for president has been very vocal about estate tax reform legislation, both have expressed a position:

Senator John McCain (R-Arizona) voted for full repeal of the estate tax in the past but then changed his position, deciding that repeal was not the right answer. Since changing his mind on repeal but before running for president in 2008, he supported a proposal by Senator Jon Kyl (R-Arizona) that the top rate be reduced to 35 percent and the exemption raised to $5 million per spouse in 2007. Now that McCain is vying for the White House, he instead supports a $5 million exemption per spouse and a 15 percent to 20 percent estate tax rate. He also suggests that the lifetime exemption should be indexed for inflation.

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