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?
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