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Obama Plans to Keep Estate Tax
Wall Street Journal ^ | 12 Jan 2009 | Jonathan Weisman

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 ...


TOPICS: Business/Economy; Politics/Elections
KEYWORDS: deathtax; estatetax; obama; obamatransitionfile; tax; taxes
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They had to save this tax. It would be bad form for these leftists to remove a plank which came from the original Communist Manifesto.

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."

1 posted on 01/12/2009 4:51:03 AM PST by docbnj
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To: docbnj
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.

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.

2 posted on 01/12/2009 4:53:46 AM PST by savedbygrace (SECURE THE BORDERS FIRST (I'M YELLING ON PURPOSE))
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To: docbnj

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.


3 posted on 01/12/2009 4:55:07 AM PST by Dawn531
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To: docbnj

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?


4 posted on 01/12/2009 4:57:42 AM PST by Desdemona (Tolerance of grave evil is NOT a Christian virtue (I choose virtue. Values change too often).)
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To: docbnj

So the more successful you are, the more you are punished.


5 posted on 01/12/2009 4:58:04 AM PST by pieceofthepuzzle
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To: docbnj

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.


6 posted on 01/12/2009 5:00:36 AM PST by DoughtyOne (I see that Kenya's favorite son has a new weekly Saturday morning radio show.)
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To: docbnj

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.


7 posted on 01/12/2009 5:02:22 AM PST by bert (K.E. N.P. +12 . The original point of America was not to be Europe)
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To: pieceofthepuzzle

Democrats use the Robin Hood rule well half of it anyway rob from thr rich(anyone with money) and keep it.


8 posted on 01/12/2009 5:08:10 AM PST by Vaduz
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To: docbnj

Did Caroline Kennedy pay a 45% estate tax?

enquiring minds want to know


9 posted on 01/12/2009 5:13:01 AM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: docbnj
Obama Plans to Keep Estate Tax

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???

10 posted on 01/12/2009 5:17:19 AM PST by DustyMoment (FloriDUH - proud inventors of pregnant/hanging chads and judicide!!)
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To: pieceofthepuzzle

“So the more successful you are, the more you are punished.”

Exactly!


11 posted on 01/12/2009 5:19:19 AM PST by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified DeCartes))
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To: bert

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”


12 posted on 01/12/2009 5:19:35 AM PST by dforest (Is there any good idea out there that Obama doesn't lay claim to anymore?)
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To: DoughtyOne

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


13 posted on 01/12/2009 5:19:35 AM PST by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: docbnj

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.


14 posted on 01/12/2009 5:22:11 AM PST by Overseez (He who must not be named will be inaugurated in a blizzard...)
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To: docbnj

Wouldn’t setting up some sort of *trust* enable one to avoid estate taxes?


15 posted on 01/12/2009 5:23:31 AM PST by SumProVita (Cogito, ergo...Sum Pro Vita. (Modified DeCartes))
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To: docbnj

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.


16 posted on 01/12/2009 5:38:31 AM PST by brytlea (You can fool enough of the people enough of the time.)
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To: docbnj

“Obama Plans to Keep Estate Tax”

What???? But, but, what about “change?”


17 posted on 01/12/2009 5:39:00 AM PST by ScottinVA (All I needed to know about islam I learned on 9-11.)
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To: DoughtyOne

I think the reasoning, pure and simple, is wealth redistribution. They cannot let folks accumulate wealth in families.


18 posted on 01/12/2009 5:40:26 AM PST by brytlea (You can fool enough of the people enough of the time.)
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To: Vaduz
Democrats use the Robin Hood rule well

Except that Robin Hood was brave enough to rob from the rich while they were still alive.

19 posted on 01/12/2009 5:41:48 AM PST by palmer (Some third party malcontents don't like Palin because she is a true conservative)
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To: silverleaf

“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.”


20 posted on 01/12/2009 5:44:01 AM PST by ScottinVA (All I needed to know about islam I learned on 9-11.)
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