In response to a question during a recent public event in an Illinois farm community about the impact of the federal estate tax on family farms , President Obama reiterated his position that a "fair" federal estate tax exemption would look something like the $3.5 per person exemption that existed in 2009. The President stated that he did not favor a return to the "2001 level" which provided only a $1 million per person exemption, but that a $3.5 million exemption -- or a $7 million combined exemption for a married couple -- "would exempt most - almost all family farms and nevertheless would still hit folks like Warren Buffett and make sure that he is able to pay what he wants to pay in terms of passing on something not only to his family, but also to the country that has blessed him so much."
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