Skip to comments.House cancels estate tax repeal, extends current tax rate
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.
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?
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.
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.
Have to register to read.
How many Pubs crossed? What was the vote breakdown?
Great. I’m working on my mom’s estate now and disbursements are next year.
...at least until they go after the life insurance policies.
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.
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.
“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!!!
To state the obvious, that should read Democrat...
Polis is a POS, a certified one.
They WANT to lose next fall, don’t they?
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....
Abolition of all rights of inheritance.
Thanks for that timely reminder, bamahead.
The family farm doesn’t easily convert to life insurance.
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.
HOW MUCH IN TAXES DID TED KENNEDY'S HEIRS PAY?
>> 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.....
They raised cigarette taxes; proportionally paid more (and at a greater cost to household income) by lower and middle income persons than “the rich”.
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.
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!!!!
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.
>> 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.
>> If I were in his district I would record this quote and use it for political ammo when he runs. How many times will ones 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.
In America, its not a sin to be rich nor is it a crime to die rich, said Rep. Jared Polis, D-Colo. This bill gives our nations 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.....
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).
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.
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
To state the obvious, that should read Democrat...
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.............
See, there was a reason that my hand slipped on the keyboard....
Who said anything about renouncing citizenship. I’m just going on an *extended* sabbatical.
I don’t know about that. I thought EMOcrat was a pretty good play on words.
Tell us how you really feel.
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.
Yes, can’t do everything that way. Do what the Kennedy’s do Charitable Remainder Trust.
When the government owns everything, we’ll all be thankful for some beans and flour once a week.
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.....
You wanted Change America.
You got it.