Skip to comments.Two senators propose reinstating estate tax (Democrat Blanche Lincoln and Republican Jon Kyl)
Posted on 07/14/2010 11:51:41 AM PDT by SeekAndFind
Two senators, a Democrat and a Republican, have reintroduced a proposal to reinstate the estate tax, which lapsed this year amid a row among lawmakers over taxing the wealthy when they die.
Democratic Senator Blanche Lincoln and Republican Senator Jon Kyl late on Tuesday reintroduced a plan to tax estates over $5 million at a rate of 35 percent. The estate tax that expired last year had taxed estates at a rate of 45 percent, above an exemption of $3.5 million for individuals and above $7 million for couples.
There is no estate tax in 2010 because lawmakers last year failed to reach a deal to extend the tax. The House of Representatives last year had passed an extension of the 2009 rates, but senators clashed over the level of the tax.
Without action, under current law the tax will rise to 55 percent
(Excerpt) Read more at reuters.com ...
Several billionaires have died this year, escaping the estate tax, including former New York Yankees owner George Steinbrenner.
I thought it automatically renewed?
If not Kyle needs to be defeated.
Just what we need. Work all your life, pay all your taxes and then when you die punish the surviving family. You gotta love this country. /sar
The estate tax comes back in 2011 with an exemption amount of $1 million. Kyle wants to raise that to $3.5 million which is where it was last year. He should be commended not defeated.
RE: I thought it automatically renewed?
Without action, under current law the tax will rise to 55 percent, with an exemption level of $1 million.
Kyl and Lincoln want to make it less onerous (see their proposal above).
I disagree with them of course. I want it SCRAPPED altogether, permanently.
He should be horsewhipped for even thinking about it at all.
As usual Reuters only presents a small part of the story... no mention of small family owned businesses impacted by this. Oh no, they just talk about “the wealthy” and bring up Steinbrenner. Way to stroke that class-envy organ, Reuters.
Taxes were already paid on money earned. Estate tax is open theft.
“I want it SCRAPPED altogether, permanently”
Dittos. I have no idea what Kyl is thinking. I’m willing to bet he is not alone among the Republicans. Graham and McCain come to mind.
They just HATE that the Steinbrenners will not have to sell the Yankees to pay the estate tax. They hate it!
I may be wrong, but AFAIK the 2010 Congress could STILL pass a change in the estate tax for 2010.
This is like saying, “gee, for a fat person you don’t sweat much!”
Thanks a heap, creeps.
The headline is not accurate. Unless a new law is passed, the estate tax next year will take 55% of the fair market value of a decedent’s estate above a $1 Million exemption.
‘Why I’d horsewhip you, if I had a horse!”
Death taxes are an abomination. Good Lord, one has to pay the government in order to die.
Trusts. The only answer.
Which is yet another example of why theres no substantive difference between dems and republicans. They whine when the other party is in power and does something egregious yet never find the time to repeal when they’re in power. Its always one excuse or another. Im done w/ them both.
This is why I’m not getting my hopes up if Republicans retake Congress. With Kyl reaching across the aisle, it’ll be the same liberal crap that will pass.
There should be no estate tax, period. The friggin government gets too much money as it is.