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House cancels estate tax repeal, extends current tax rate
Washington Post | December 3, 2009 | Staff

Posted on 12/03/2009 11:51:04 AM PST by MaestroLC

The House votes 224-199 to cancel a one-year repeal of the estate tax, set to begin next month, and instead permanently extends the current tax, with a top rate of 45 percent on estates larger than $3.5 million.


TOPICS: Breaking News; Government; News/Current Events
KEYWORDS: 111th; bhotaxincrease; deathtax; estate; estatetax; house; kennedylegacy; redistribution; repeal; tax; taxes; tedkennedy; theymustbestopped
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1 posted on 12/03/2009 11:51:07 AM PST by MaestroLC
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To: MaestroLC
Link is here:

http://www.washingtonpost.com/?wpisrc=newsletter&reload=true

2 posted on 12/03/2009 11:52:38 AM PST by MaestroLC ("Let him who wants peace prepare for war."--Vegetius, A.D. Fourth Century)
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To: MaestroLC

Incredibly stupid.


3 posted on 12/03/2009 11:55:33 AM PST by skr (May God confound the enemy)
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To: MaestroLC

And now one more reason to move semi-permanently to India. The government (at one level or another) gets better than half of my personal GDP every year, and now plans to grab close to half of whatever I have left after I die. Where TF did they get the idea that they’re entitled to the fruits of our success at this level?


4 posted on 12/03/2009 11:57:06 AM PST by Little Pig (Vi Veri Veniversum Vivus Vici.)
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To: MaestroLC

I thought that the vote was expected to go this way. Then when the Bush tax cuts go away, they were going to lump new taxes in together.

IIRC


5 posted on 12/03/2009 11:57:20 AM PST by Dacula (Evil succeeds when good men do nothing. Lets do something.)
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To: MaestroLC
Breaking - longer AP version is here:

House votes to extend tax on wealthy estates

6 posted on 12/03/2009 11:57:43 AM PST by MaestroLC ("Let him who wants peace prepare for war."--Vegetius, A.D. Fourth Century)
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To: Little Pig

Can you move some of your assets into indexed universal life. I believe insurance is the best way to leave money to heirs tax free IIRC. Also, you can draw from the cash value without repaying or paying taxes.


7 posted on 12/03/2009 12:00:10 PM PST by votemout
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To: MaestroLC

Have to register to read.

How many Pubs crossed? What was the vote breakdown?


8 posted on 12/03/2009 12:01:24 PM PST by hattend (Who wants to be insured by Mutual of Obama?)
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To: MaestroLC
Communist Manifesto, plank # 3:

Abolition of all rights of inheritance.
9 posted on 12/03/2009 12:02:54 PM PST by bamahead (Few men desire liberty; most men wish only for a just master. -- Sallust)
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To: MaestroLC

Great. I’m working on my mom’s estate now and disbursements are next year.


10 posted on 12/03/2009 12:03:41 PM PST by twigs
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To: votemout

...at least until they go after the life insurance policies.


11 posted on 12/03/2009 12:04:03 PM PST by madison10
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To: Little Pig
Where TF did they get the idea that they’re entitled to the fruits of our success at this level?

See post # 9

12 posted on 12/03/2009 12:04:10 PM PST by bamahead (Few men desire liberty; most men wish only for a just master. -- Sallust)
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To: votemout

This ensures that virtually all farms and most small businesses will have to incorporate to avoid the tax. The big kicker will be when inflation starts causing even small real assets to reach the minimum.


13 posted on 12/03/2009 12:05:02 PM PST by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: bamahead

Yep.


14 posted on 12/03/2009 12:09:22 PM PST by My Favorite Headache
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To: hattend
Have to register to read. How many Pubs crossed? What was the vote breakdown?

A non-registered version of the story: House votes to extend tax on wealthy estates

Here is the roll call: Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009

Dem = 225 | Rep = 200; 26 Dems crossed to Nay; No Republicans voted Yea.

15 posted on 12/03/2009 12:10:45 PM PST by MaestroLC ("Let him who wants peace prepare for war."--Vegetius, A.D. Fourth Century)
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To: MaestroLC

“In America, it’s not a sin to be rich nor is it a crime to die rich,” said Rep. Jared Polis, D-Colo. “This bill gives our nation’s wealthiest families the ability to know exactly what their obligation to the nation that fostered their wealth will be, and it is fair and it is just.”

This quote towards the end of the article exemplifies everything that is wrong about being a Emocrat!!!


16 posted on 12/03/2009 12:10:52 PM PST by pheasant
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To: MaestroLC

To state the obvious, that should read Democrat...


17 posted on 12/03/2009 12:12:15 PM PST by pheasant
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To: MaestroLC

Stupid f**kers.


18 posted on 12/03/2009 12:15:14 PM PST by RockinRight (The sleeping giant has been awoken, and he's PISSED.)
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To: pheasant

Polis is a POS, a certified one.


19 posted on 12/03/2009 12:15:26 PM PST by elpinta (Change: check. Hope: not so much.)
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To: MaestroLC

They WANT to lose next fall, don’t they?


20 posted on 12/03/2009 12:15:27 PM PST by RockinRight (The sleeping giant has been awoken, and he's PISSED.)
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To: MaestroLC

Should be renamed to the “Family Farm Destruction Act”.

I know of a few Family farming operations that are worth more than 3.5 million dollars that when the Parent kicks the bucket the children will no longer be able to farm the same land they have been helping their parents farm unless they form a trust or corporation and spend gobs of money on hiring a lawyer to avoid that sort of thing....

Some are skating so thin that they cannot afford to jump through the hoops and will have to sell out as soon as old man farmer brown plows his last field....


21 posted on 12/03/2009 12:16:52 PM PST by GraceG
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To: bamahead; StarFan; Dutchy; alisasny; BobFromNJ; BUNNY2003; Cacique; Clemenza; Coleus; cyborg; ...
Communist Manifesto, plank # 3:

Abolition of all rights of inheritance.

Thanks for that timely reminder, bamahead.

22 posted on 12/03/2009 12:19:34 PM PST by nutmeg (Rush Limbaugh & Sarah Palin agree: NO third parties! Take back the GOP)
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To: votemout

The family farm doesn’t easily convert to life insurance.


23 posted on 12/03/2009 12:19:55 PM PST by Jedidah
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To: MaestroLC

Tricky. It’s bad of course, we should repeal it and leave it repealed.

But because of tricks played to get the tax cuts through, the current tax cut expires entirely in 2011. The bill the house just passed actually LOWERS the tax in 2011, compared to current law.

SO they get to argue that they have cut taxes for the middle class, rather than raising them.


24 posted on 12/03/2009 12:20:29 PM PST by CharlesWayneCT
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To: MaestroLC
Which reminds me...

HOW MUCH IN TAXES DID TED KENNEDY'S HEIRS PAY?

25 posted on 12/03/2009 12:21:02 PM PST by a fool in paradise (Question authority!Who is the University of East Anglia to drive the 'Global Climate Change' agenda?)
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To: bamahead

>> Communist Manifesto, plank # 3:

Abolition of all rights of inheritance. <<

So to take a theoretical:

Two parents own medium sized farm and they pay the taxes to the government every year they farm, they are helped out on the farm by their son Bob. When the last parent kicks the bucket, not only does Bob have to pay taxes for that year for the farm, but he has to shell out a large sum to keep the government happy if he wants to keep what he has been investing his blood sweat and tears into for the last 30+ years he has been helping his parents farm?

Just fracking great.....


26 posted on 12/03/2009 12:21:49 PM PST by GraceG
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To: CharlesWayneCT

They raised cigarette taxes; proportionally paid more (and at a greater cost to household income) by lower and middle income persons than “the rich”.


27 posted on 12/03/2009 12:22:27 PM PST by a fool in paradise (Question authority!Who is the University of East Anglia to drive the 'Global Climate Change' agenda?)
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To: MaestroLC

Note how the name calls out “tax relief” for farmers and small businesses, because this keeps the repeal of the tax for people under 3.5 million.


28 posted on 12/03/2009 12:22:54 PM PST by CharlesWayneCT
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To: elpinta

If I were in his district I would record this quote and use it for political ammo when he runs. How many times will one’s inheritance be taxed before the heirs receive it?

Everything has gone amok!!!!


29 posted on 12/03/2009 12:23:23 PM PST by pheasant
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To: bamahead

I’m sick of Billion Dollar Marxists telling me that I don’t pay enough in taxes and that I need to be more open to socialist assistance.


30 posted on 12/03/2009 12:24:20 PM PST by a fool in paradise (Question authority!Who is the University of East Anglia to drive the 'Global Climate Change' agenda?)
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To: a fool in paradise

>> Which reminds me...

HOW MUCH IN TAXES DID TED KENNEDY’S HEIRS PAY? <<

What a lot of people don’t realize is that this affects the super rich very little as they have a financial advisers and lawyers on retainer to twist and jump through loopholes for them so they don’t have to pay jack squat when one of their ilk takes a dirtnap in a plane or drives off a bridge...

This is nothing buy a lawyer employment act as a lot of medium sized farms and small to mid sized family businesses will HAVE to hire a lawyers and financial advisers to be able to give their offspring what is left of their business or farm.

I think being a member of the Bar should EXCLUDE you from serving in the Legislative branch.


31 posted on 12/03/2009 12:26:13 PM PST by GraceG
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To: pheasant

>> If I were in his district I would record this quote and use it for political ammo when he runs. How many times will one’s inheritance be taxed before the heirs receive it?

Everything has gone amok!!!! <<

Maybe we should use the “Personal Sob Story” tactic as laid down by the lefties, where they tell a sob story about one of their constituents who is about to be left penniless by their own innane policies. Only this time it would be to explain how this would affect Farmer Brown and his son Bob.


32 posted on 12/03/2009 12:28:50 PM PST by GraceG
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Comment #33 Removed by Moderator

To: pheasant

“In America, it’s not a sin to be rich nor is it a crime to die rich,” said Rep. Jared Polis, D-Colo. “This bill gives our nation’s wealthiest families the ability to know exactly what their obligation to the nation that fostered their wealth will be, and it is fair and it is just.”

I guess it is a SIN and a CRIME to want to inherit the Family farm or Family Business....

I guess it is a SIN and a CRIME to be born into a hard working entrepreneurial family.

Taxing the dead is a perfect logical conclusion for the left as they think the dead deserve the right to vote for them as well.....


34 posted on 12/03/2009 12:32:34 PM PST by GraceG
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To: GraceG

My point is that the rotton corrupt Ted Kennedy fought for his lifetime against repealing the inheritance tax. I’m pointing out his hypocrisy.

Additionally, I would wager that the Jackie Kennedy estate was dramatically undervalued when you recognize the intrinsic value those items had when only a small portion were auctioned off at Sotheby’s or Christie’s (to PAY for the estate taxes).


35 posted on 12/03/2009 12:33:43 PM PST by a fool in paradise (Question authority!Who is the University of East Anglia to drive the 'Global Climate Change' agenda?)
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To: Little Pig

OH, didn’t you hear. Now the Government has it set up that when you “leave” the country (i.e. renounce citizenship) that you must pay an EXIT tax on not what you earn but everything you OWN that equates with the estate tax.


36 posted on 12/03/2009 12:38:34 PM PST by scannell
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To: a fool in paradise

don’t get me started on that

and where I live most now get the cigs from GA which is not far from here.
This GA gets the money and not this state.

I called Proctor and asked if he was going to vote yes or no on this , remember there was a fed hike but the state but another hike in.

He said no but come the vote he voted yes.

When I called and had a go at him he said that it was either raising the tax or having a casino.
When I asked why not a casino which will give job, tourism, and more money he said that the casino would bring in a less diserable social element

WTH is that about.
I then asked if the tax hike on cigs would cover what the state needed and he said no not even half.

The man is a complete buffoon.
so he votes for a tax hike on cigs which will not even give the state half instead of a casino which would give more money, bring more folks in and give jobs from construction to casino work.

yet again the idiots at DC lie, say one thing and do another.

Now the state of GA gets more money while we do not

IDIOTS


37 posted on 12/03/2009 12:38:49 PM PST by manc (Marriage is between a man and a woman, end of. -end racism end affirmative action)
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To: pheasant

To state the obvious, that should read Democrat...


Actually, “Emocrat” works for me, because they are guided by emotion, and not reason.

Emoticrat?


38 posted on 12/03/2009 12:42:30 PM PST by Atlas Sneezed ("Personal freedom begins when you tell Old Mrs. Grundy to go to Hell." -Lazarus Long)
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To: a fool in paradise

You should know that neither shall Gates or Buffet (Estate tax supporters) due to the elaborate Foundations they have both pledged their estates to need to worry about paying them allowing their families and friends can continue to control the money through those without paying Death Taxes. And as long as we have death taxes we will insure a healthy Life Insurance market to pay for those taxes and I am sure Berkshire Hathaway and Warren Buffet appreciate that since they have such a giant stake in the Insurance market.............


39 posted on 12/03/2009 12:44:28 PM PST by scannell
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To: Beelzebubba

See, there was a reason that my hand slipped on the keyboard....


40 posted on 12/03/2009 12:46:04 PM PST by pheasant
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To: scannell

Who said anything about renouncing citizenship. I’m just going on an *extended* sabbatical.


41 posted on 12/03/2009 12:54:25 PM PST by Little Pig (Vi Veri Veniversum Vivus Vici.)
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To: MaestroLC
extending class warfare by the RAT party is really not news.
42 posted on 12/03/2009 1:02:37 PM PST by Cheerio (Barack Hussein 0bama=The Complete Destruction of American Capitalism)
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To: pheasant

I don’t know about that. I thought EMOcrat was a pretty good play on words.


43 posted on 12/03/2009 1:08:49 PM PST by Drill Thrawl (Another day, another injury, another step closer.)
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To: RockinRight
Stupid f**kers.

Tell us how you really feel.


44 posted on 12/03/2009 1:11:49 PM PST by rdb3 (The mouth is the exhaust pipe of the heart.)
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To: MaestroLC
Sure didn't see this coming, another tax hike here in Soetoroland.

Let's just make it easy and every cent we get, even the pennies under our car seats, just turn them over to the nearest gubmint office, then we'll all sit home and wait for them to dole out our welfare check.

Can anyone with a tax background tell me, if I put all my accounts and my house in both mine and my kids names, and I die will they escape this redistribution? Not that I have $3.5 mill, but someday I'd like to.

45 posted on 12/03/2009 1:15:54 PM PST by YankeeReb (There's no such thing as Free Healthcare OR a JOBLESS RECOVERY)
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To: Jedidah

Yes, can’t do everything that way. Do what the Kennedy’s do Charitable Remainder Trust.


46 posted on 12/03/2009 1:18:39 PM PST by votemout
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To: VanShuyten

When the government owns everything, we’ll all be thankful for some beans and flour once a week.


47 posted on 12/03/2009 1:19:46 PM PST by votemout
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To: MaestroLC

Removed....

by

force....

if

necessary!!!


48 posted on 12/03/2009 1:22:01 PM PST by Lucky9teen (A muted trombone would make more sense than an Obama speech.)
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To: Beelzebubba

Emocrat might work. My kids use the slang word “emo”. Apparently kids who cut themselves are so prevalent that
there’s a word to describe them now.

Democrats are nuts, too.....


49 posted on 12/03/2009 1:22:01 PM PST by Politicalmom (Charity is no part of the legislative duty of the government. -- James Madison)
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To: MaestroLC

You wanted Change America.

You got it.


50 posted on 12/03/2009 1:22:23 PM PST by Tzimisce (No thanks. We have enough government already. - The Tick)
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