Obama's Plan 

Barack Obama supports a $3.5 million estate tax exemption for individuals ($7 million for couples) and a 45 percent rate.

http://factcheck.barackobama.com/factcheck/2008/06/10/mccain_tax.php

Obama's Statements

“Let's call this trillion dollar giveaway what it is--the Paris Hilton Tax Break. It's about giving billions of dollars to billionaire heirs and heiresses.”

"There is no economic justification for repealing the estate tax and certainly no moral justification."

Barack Obama, remarks on the Senate Floor regarding the Death Tax Repeal Permanency Act of 2005, U.S. Senate, June 08, 2006.

“Repealing the estate tax would cost $1 trillion, and it would be hard to find a tax cut that was less responsive to the needs of ordinary Americans or the long-term interests of the country.” 

Barack Obama, The Audacity of Hope, p.191-192, Oct 1, 2006.

Obama's Votes

Barack Obama voted against the "Death Tax Repeal Permanency Act of 2005"

June 8, 2006 roll call vote on H.R. 8, the "Death Tax Repeal Permanency Act of 2005"