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Death, Taxes And A Very Bad Budget
IBD Editorials ^ | April 3, 2009

Posted on 04/03/2009 5:15:31 PM PDT by Kaslin

Budget: Hidden in a footnote deep in the budget is a resurrection of the death tax. If you think this only affects rich people handing down their silver spoons to spoiled children, you're sadly mistaken.

Part of the Bush tax cuts was a provision that would wind down the estate tax from its existing 55% to 45% in 2009 and then to zero in 2010.

The estate tax had taken the majority of a dead person's estate valued at over $3.5 million for an individual or $7 million for a couple.

Like the rest of the tax cuts, it was temporary. The estate tax repeal, unless made permanent, would rise like Dracula from the grave in 2011 to once again wreak havoc with those seeking to pass on their success to their heirs.

For the Obama administration, a year without an estate tax is a terrible thing to waste.

If you actually read the budget, which few do, particularly congressmen, you find this footnote on Page 127: "(T)he estate tax is maintained at its 2009 parameters."

The first Bush tax cut has been, in effect, repealed — part of the age of "fairness" we now all inhabit.

We are determined to keep or raise the capital gains tax, for example, even though to do so would lose revenues. As President Obama said when it was explained to him, we should still do it in the name of fairness.

It is the same with what many call the death tax. You can't take it with you, but the government can take it from you in the name of fairness and spreading the wealth, your wealth, around

(Excerpt) Read more at ...

TOPICS: Business/Economy; Editorial
KEYWORDS: 111th; bho44; bhobudget; deathtax

1 posted on 04/03/2009 5:15:31 PM PDT by Kaslin
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To: Kaslin

Is there any problem, no matter how small, that Democrats and Obama don’t want to increase taxes and spending to solve???? Anything????

Oh, actually there is: the War on Terror. No problem. We’ll just cut out all those new weapon systems!


2 posted on 04/03/2009 5:19:33 PM PDT by CitizenUSA
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To: Kaslin

If a gang of thugs were to break into a man’s home and demand of him, by threat of force, more than 50% of his wealth, threaten his freedom or cause him to forfeit his career, that man would be well within his rights to take any action necessary to protect himself or his family. Yet, give that same gang of thugs such title as Congressman, Senator or President and that man has no recourse to defend himself.
Has the final indignity not yet been reached?

3 posted on 04/03/2009 5:43:35 PM PDT by fortunate sun (Undermine Obama with every thought, word and deed.)
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To: CitizenUSA

Too bad stupidity isn’t a taxable resource...

4 posted on 04/03/2009 5:47:21 PM PDT by OneWingedShark (Q: Why am I here? A: To do Justly, to love mercy, and to walk humbly with my God.)
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To: All

5 posted on 04/03/2009 10:42:26 PM PDT by Cindy
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