Skip to comments.Obama Plans to Keep Estate Tax
Posted on 01/12/2009 4:50:56 AM PST by docbnj
The Senate Finance Committee will move within weeks on legislation to reverse that law, and Mr. Obama is expected to detail his estate-tax preservation proposal in his budget next month, congressional tax writers said. Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million -- $7 million for couples -- from any taxation. The value of estates above that would be taxed at 45%.
(Excerpt) Read more at online.wsj.com ...
This may not seem important for middle-class people, but bear in mind that with inflation, everyone will eventually be hit by this "death tax."
So, within a few years, inflation will eat away at that exemption level, and 'ordinary' people will be hit hard by the Obama Estate Tax.
I think it should be abolished, but the truth is, at this point in time, many people who would have been hit by it are less likely to be affected by it now.
Property values have decreased, portfolios have plunged...if inflation hits, of course, it will affect more people, but in the next year, at least, many who would have been affected by it, won’t be because of the present economic situation.
This tax is plain and simply immoral. My grandmother, who had nothing most of her 88 year life, said that. That money has been taxed how many times over?
So the more successful you are, the more you are punished.
I have never understood the reasoning for this tax.
The wealth of people was accumulated post taxes. They or their parents have already paid taxes on the wealth. Now the feds think they are due 45% of the wealth in the upper brackets.
That is pure and simple thievery. They don’t deserve one cent on those funds, or material wealth.
There are more lazy poor than hard working rich. The poor hire Rats to steal for them.
The poor don’t support themselves or America.
Democrats use the Robin Hood rule well half of it anyway rob from thr rich(anyone with money) and keep it.
Did Caroline Kennedy pay a 45% estate tax?
enquiring minds want to know
Gee, this seems to keep nagging at me, but there's something about the estate tax that just isn't right.
. . . . . . . . . I wonder what that could be?? . . . . . . . . . Hmmmmm . . . . . . maybe double taxation, which is specifically against the law??
Nah, couldn't be anything like that!!!
In all seriousness, I know that the estate tax didn't start with Obama, it's been with us for a long time. The estate tax is one more example of how irrevocably broken our government is. Why should ANYONE have to be taxed again on items remaining in a deceasd's estate that taxes have already been paid???
“So the more successful you are, the more you are punished.”
The lazy poor who voted for Obama because they believed this hope and change BS will soon come to their day of reckoning. They were stupid and gullible enough to believe that Obama was going to make everyone share the WEALTH. What they failed to see was what Obama meant. He meant that abject poverty and dependence on government would be shared by all, except of course, by all but the ruling elite class.
The class warfare got the Big O elected.
Maybe the Obots ought to start taking their tattered t shirts and printing on them “ I voted for Barack and all I gotz is this lousy t shirt”
the reason this tax “survives” is that probably almost no one except schmucks pays it
Do you think the Kennedys, Bushs, Reagans, Rockefellers, Heinzes’ (and Heinz-Kerrys), Edwrads (as in Two-Americas John), Cuomos, (Nan) Pelosis, (Harry) Reids, (Dianne) Feinsteins, Bloombergs yada yada yada
pay (or plan to pay) 45% of their estates to federal tax?
Even middle class family farmers have to hire attorneys to craft tax avoidance schemes to keep their land in their families
It was once said about Mario Cuomo that he never met a program that he didn’t like...
I think it will be prescient and fair to guess that the re-distributionist Socialist who is to be inaugurated on January 20th will seldom meet a tax he does not like.
Wouldn’t setting up some sort of *trust* enable one to avoid estate taxes?
The big problem is, we have allowed the political class to imagine that our money is really their money. Until we change that, we will continue to finance every scheme they can come up with.
“Obama Plans to Keep Estate Tax”
What???? But, but, what about “change?”
I think the reasoning, pure and simple, is wealth redistribution. They cannot let folks accumulate wealth in families.
Except that Robin Hood was brave enough to rob from the rich while they were still alive.
“Did Caroline Kennedy pay a 45% estate tax?”
Interesting you ask. She was interviewed on this recently —
Interviewer: “What is your opinion about whether the estate tax should continue?”
Caroline: “You know, i, you know.. it’s needed, you know, to keep the rich from, you know, amassing too much, you know, wealth.
Interviewer: “Well, didn’t you have to pay a large amount yourself?”
Caroline: “Well, you know, remember... I’m, you know, Royalty, and, you know, Royalty doesn’t, you know, pay taxes.”