Posted on 05/17/2006 7:41:11 AM PDT by steve-b
Life's only certainties are death and taxes. Unfortunately, the government won't even let someone die without taxing them. The current death tax rate is almost 50 percent. That means within nine months of death, Uncle Sam gets 47 percent of the value of everything you own — including cars, furniture, personal belongings, homes, investments, pension plans, 401(k)s and even your business, if you own one.
The death tax hurts the economy by devastating family businesses such as farms and construction companies. Since most people don't have cash to pay a huge estate tax bill, families are often forced to sell or close successful businesses just to pay Uncle Sam. This hurts our economy and leads to job losses....
The public overwhelmingly supports a repeal of the estate tax.... Congress has spent the last decade debating the issue. The 2001 tax bill included some estate tax reform, but it actually created even more confusion. That's because the estate tax will be phased out in 2010, but only for one year. Without congressional action, the death tax will come back to life in 2011. Uncertainty about this issue makes estate planning more difficult than ever. Families need certainty in planning for the future of their businesses.
Both parties should sit down in good faith and work out a solution that helps families, businesses and workers. Congress should stop using the future of family businesses as an election issue or political tool. It's time to pass permanent repeal or permanent reduction of the estate tax! It's a matter of fairness. Why penalize those who work hard, create jobs, take risks, achieve success and pay substantial taxes during their lifetime with a 47 percent tax at death? It's time to bury the death tax once and for all.
(Excerpt) Read more at examiner.com ...
This is about fundamental fairness. Whose money is it? When I die, is my estate mine to give to whom I may direct, or does it belong to government to divvy up as it pleases?
In truth, this tax is about the shameful appetite our government has for assets that it can dispense to maintain political power. If government did not spend so much, it would not have the appetite it presently has.
It doesn't matter what the percentages are. The estate tax is a "double tax". It taxes money which a person has left after the government has already taxed the individual throughout his lifetime.
Here again, the Republican Congress and the White House has fumbled an issue which clearly has overwhelming public support.
What in the hell is the hold-up ? Repeal the death tax.....NOW !!!
Interesting, especially with the way he notes the gay and lesbians, because they are "unmarried" get hit twice with the death tax.....I'm convinced the DYNASTIES (Gates, Buffet, etc.) don't want the get rid of the Death tax....THEY PROTECT THEIR MONEY in Foundations where they hire their friends and families (Gates)....or they eat up companies who have to sell because of death tax issues (Buffet).....We have an initiative going to the ballot (we hope) to rid Washington State of it's State Death Tax! I-920.....
Has there been a study about how much money is spent by the rich to set up trust funds or use other loop holes to avoid the tax.
Has there been a study to show how much money is sitting in trust funds.
I think if you had a reasonable amount to pay for an estate tax, it wouldn't be an issue. I think it should be capped at 5%.
I think the trust fund is what keeps some families rich. Imagine how fast those large family trust funds would be spent if the money was given to the heirs.
I bet Ozzy's kid would run through their dad's money within 4 years if they were given Ozzy estate if he and Sharon died tomorrow.
Exactly. I have no problem paying reasonable taxes for the legitimate operation of government, but taking property in some misguided attempt at "fairness" should be repugnant to any right-thinking American.
I think if you had a reasonable amount to pay for an estate tax, it wouldn't be an issue. I think it should be capped at 5%.
For me, the argument is not how much, but why at all. You are taxed when you earn the money; you are taxed when you save it and receive interest; and you are then taxed when you die? The govt should have nothing to do w/ the choice you made over your lifetime to save money rather than to spend it and then in your twilight years be dependent on the state. Inheritance/death tax is out and out thievery.
Since the first $2 million of the estate is not taxed then Uncle Same wouldn't get a penny of mine.
Interesting how they'll hunt you to the ends of the Earth if you don't pay your taxes, but you hop the border illegally and there is nothing they can do...
Planning looks pretty simple... make sure you die in 2010.../sarcasm
(Denny Crane: "Every one should carry a gun strapped to their waist. We need more - not less guns.")
I am not in favor of the death tax, but I am also not in favor of untrue statements.
So he rounded up. Big deal. Anybody leaving more than $200 million behind will pay 47% if you round up.
I hope that will include me and I'm sure a lot of others here.
The estate tax is classic taxation. Find a small group and pounce. Yes, everybody will die eventually, but in any given voting cycle, the number is very small.
Sure, everybody round here has a $200M estate.....
Oops! Didn't mean to step on any toes.
All that verbiage and no mention that the HR25 bill before Congress would completely eliminate the Estate Tax along with all the complexities of the Income and Payroll tax. Makes the author sound kind of ignorant.
What about IT IS NOT YOUR MONEY is hard to understand?
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