Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

House votes to extend tax on wealthy estates
AP (via Drudge) ^ | 12/3/2009 | Stephen Olemacher

Posted on 12/03/2009 1:30:51 PM PST by markomalley

The House voted Thursday to permanently extend a 45 percent inheritance tax on estates larger than $3.5 million, canceling a one-year repeal of the tax set to begin next month. A similar effort is afoot in the Senate, but the health care debate there could preclude action on the estate tax before Congress breaks later this month for holidays. There are also disagreements among senators over the tax rate and the size of estates that should be exempt, further clouding the bill's prospects.

Lawmakers, however, don't want to delay action until next year because they are wary of enacting retroactive tax changes.

Under the House bill, estates smaller than $3.5 million would continue to be exempt from the tax. Married couples, with a little estate planning, could exempt a total of $7 million. That leaves less than 1 percent of all estates subject to the tax.

The bill passed by a 225-200 vote, with all Republicans opposed. Majority Democrats argued that a permanent tax rate makes it easier for families and small business owners to do estate planning, noting that fewer than 1 percent of all estates are subject to the tax.

"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."

(snip)

Rep. Louie Gohmert, R-Texas, likened the estate tax to stealing from the dead.

"After someone dies and someone comes in and steals from them, we consider that in most society reprehensible," said Gohmert, a former judge. "I have sentenced people personally to prison for doing that."

(Excerpt) Read more at breitbart.com ...


TOPICS: Business/Economy; Government
KEYWORDS: 111th; bhotaxincrease; deathtax; taxandspend
Navigation: use the links below to view more comments.
first previous 1-2021-22 last
To: Conservativegreatgrandma

Yea - I think it’s a RINO conspiracy. If the RINOs vote with the Republicans 70% of the time (whereas the even the most conservative Democrats vote with the Republicans maybe 25% of the time), the RINOs will almost look like Republicans...thereby throwing us off-balance and making us believe that is a difference between the parties.
.
But we’re not fooled.


21 posted on 12/04/2009 5:16:00 AM PST by BobL (Real Men don't use Tag Lines)
[ Post Reply | Private Reply | To 20 | View Replies]

To: BobL

And it spoils our fun of bashing RINOs. We much prefer RINOS NEVER vote Republican. Then it’s justification for our hysteria.


22 posted on 12/04/2009 5:20:23 AM PST by Conservativegreatgrandma (Al Franken--the face of the third-party voters)
[ Post Reply | Private Reply | To 21 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-22 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson