Senator John McCain has also long sought permanent and immediate reform of the estate tax, and supports raising the exemption from taxation on estates up to $10 million while cutting the tax rate to 15 percent.

http://www.johnmccain.com/Informing/Issues/4dbd2cc7-890e-47f1-882f-b8fc4cfecc78.htm

On estate taxes (taxes on the transfer of a deceased person's estate):

McCain: “Among my disagreements with Sen. Obama lies my concern over the estate tax, which he proposes to increase to a top rate of 45 percent. The estate tax is one of the most unfair tax laws on the books, and the first step to reform is to keep it predictable and keep it low. After a lifetime building up a business, and paying taxes on every dollar that business earns, that asset should not be subjected to a confiscatory tax.  I will hold the rate on the estate tax to 15 percent, with a $10 million dollar exemption per couple, so franchise owners can leave the product of a lifetime of labor and love to their children.”

http://www.bluemaumau.org/6205/presidential_candidates_face_off_small_biz_questions 

Small Businesses Have A Clear Choice Concerning The Estate Tax. Barack Obama proposes to increase the estate tax to a top rate of 55 percent. The estate tax is one of the most unfair tax laws and John McCain will act to keep it low. After a lifetime building up a business and paying taxes, the business asset should not be subjected to a confiscatory tax.

http://www.johnmccain.com/Informing/News/NewsReleases/Read.aspx?guid=fce36caa-ab33-4729-9817-98bdc746322d