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2010, a Good Year to Die (For Your Heirs' Sake)
Jewish World Review ^ | 7/19/10 | Mitch Albom

Posted on 07/19/2010 6:24:18 AM PDT by rhema

The old expression was "What would you do if you had six months to live?"

This year, it's "What would you do if you had six months to die?"

The clock is ticking on free death in America. Last week we saw an amazing example of a good news/sad news scenario.

George Steinbrenner, owner of the Yankees, died of a heart attack at age 80. But by dying in 2010, his family avoided $500 million in estate taxes that it would have paid if he'd hung on another year.

Why? Because the inheritance tax is in exile this year. The rate is zero. Next year it jumps to 55 percent. That's right. From zero to 55 at a stroke of midnight. A Maserati doesn't go that fast.

This is simmering into some uncomfortable scenarios. Sure, in Steinbrenner's case you could say, "It was his time." There's still six months to go.

But what if he took ill in December? What if he were on life support at Christmas? Five hundred million dollars might be a compelling motivator…

You get the drift.

Crazy. Look, I have said this before. The estate tax is blatantly unfair and, in my mind, indefensible. I have heard all the arguments for it. They go like this:

1. If you allow wealth to stay with the wealthy, you're perpetuating a class system.

Nonsense. This isn't England in the 1500s. You can get rich many ways in this country. Besides, you're not giving your wealth to the poor with estate taxes; you're giving it to the government. What class are we perpetuating there?

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


TOPICS: Business/Economy; Culture/Society; Editorial; Government
KEYWORDS: estatetax; taxes

1 posted on 07/19/2010 6:24:21 AM PDT by rhema
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To: rhema

But by dying in 2010, his family avoided $500 million in estate taxes that it would have paid if he’d hung on another year. Why? Because the inheritance tax is in exile this year.


I’d shoot myself if I were 80, and sick, and I could save for my family $500,000,000 ...

Well, maybe ...


2 posted on 07/19/2010 6:29:30 AM PDT by DontTreadOnMe2009 (So stop treading on me already!)
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To: DontTreadOnMe2009

I’d be worrying more about the heirs watching a lot of CSI and Forensic Files in that situation.


3 posted on 07/19/2010 6:44:32 AM PDT by jiggyboy (Ten per cent of poll respondents are either lying or insane)
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To: rhema

How disgusting is this? Shame on the GOP for not making these cuts permanent from the start. Why is it that a MINORITY of progressive/Marxists in congress always seems to get its way, but when the GOP is in the MAJORITY they can never get their full agenda in? Does this seem right?


4 posted on 07/19/2010 6:47:54 AM PDT by YankeeReb
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To: rhema

On the other hand 500 million would do wonders if it went directly towards the debt. Of course that won’t happen. Why can’t these folks find a way to pay off the debt. If I was President that would be my number one priority. I would piss off so many people that I would never win a second term but the debt would be significantly lowered. I would take checks from people who want to pay towards the debt (I know FREEPERS hate that Idea for some idiotic reason). I would close down many departments and consolidate many. Welfare would be postponed for a year. Social Security would be only for 65 years and older (no early SS or anyone under 65 does not get a dime. A parent who dies needs to be insured for their children...not governments job). The quarters would go from 40 quarters to 160 quarters....YEP that is 40 years straight working and if you only have 159 quarters you don’t get a dime. We would be in much better shape after my administration at least financially.


5 posted on 07/19/2010 6:49:52 AM PDT by napscoordinator
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To: YankeeReb

Is the house included in this? If that is the case than I am over a million, if the house is not included than I am good to go for now.


6 posted on 07/19/2010 6:51:06 AM PDT by napscoordinator
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To: napscoordinator

I’m not an accountant, but most articles I’ve read say the house is included, which makes sense since that’s the biggest part of anyone’s estate. I saw one article (wish I could remember where) that said the days of selling the family farm in order to pay the death tax are back.


7 posted on 07/19/2010 6:56:12 AM PDT by YankeeReb
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To: YankeeReb
That is sad, but again the Republicans screwed the pooch on this and the tax cuts. I find it unbelievable that they set a sunset provision on these when they had significant majority in the house and senate and had the President. Perhaps the Republicans didn't want them to be forever.....hum????
8 posted on 07/19/2010 7:00:13 AM PDT by napscoordinator
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To: napscoordinator

Well the good news is thanks to Jug-Ears the value of your home isn’t likely to climb in the near future. If anything, it’ll be the opposite, so maybe you won’t get hit by the death tax.


9 posted on 07/19/2010 7:14:36 AM PDT by YankeeReb
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To: napscoordinator
On the other hand 500 million would do wonders if it went directly towards the debt.
10 posted on 07/19/2010 7:17:58 AM PDT by VRWCmember
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To: napscoordinator
On the other hand 500 million would do wonders if it went directly towards the debt.

NO. It REALLY wouldn't.

11 posted on 07/19/2010 7:18:36 AM PDT by VRWCmember
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To: napscoordinator
The quarters would go from 40 quarters to 160 quarters....YEP that is 40 years straight working and if you only have 159 quarters you don’t get a dime.

Whose money is it? So you are saying that under your plan, somebody who worked 39 years and 9 months paying into social security would forfeit all the money he had paid into it? Sounds like a good plan -- if you think "Logan's Run" was a good blueprint as well.

12 posted on 07/19/2010 7:20:53 AM PDT by VRWCmember
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To: napscoordinator
I find it unbelievable that they set a sunset provision on these when they had significant majority in the house and senate and had the President.

They didn't have a "significant" majority in the house, and they didn't even have a functional majority in the senate when you consider the RINO sisters from Maine, along with McCain and Ailing Sphincter. They took what they could get, and counted on being able to pressure the dems to extend the tax cuts. They tried to make them permanent, but even when they still had a majority the dems were able to block every attempt to make them permanent.

13 posted on 07/19/2010 7:25:41 AM PDT by VRWCmember
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To: rhema

How many plugs will be pulled on terminally ill wealthy individuals, by their loving families, in December?


14 posted on 07/19/2010 7:30:07 AM PDT by JimRed (To water the Tree of Liberty is to excise a cancer before it kills us. TERM LIMITS, NOW AND FOREVER!)
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To: YankeeReb
Cuz GOP plays by the rules. It didn't help that we had RINOs like McCain voting against these tax cuts which required us to get some Rats on board. Without the sunset provision, we wouldn't have had these tax cuts at all. I blame the voters. If they hadn't handed the House and Senate over to the Rats, maybe there would have been a chance to make these permanent.
15 posted on 07/19/2010 7:42:42 AM PDT by KansasGirl
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To: napscoordinator

[ I would take checks from people who want to pay towards the debt (I know FREEPERS hate that Idea for some idiotic reason). ]

You can already donate money toward paying down the national debt on your tax return. Do you?


16 posted on 07/19/2010 7:44:31 AM PDT by KansasGirl
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To: KansasGirl

I did not know that. I promise that if it went DIRECTLY towards it I would.


17 posted on 07/19/2010 8:05:43 AM PDT by napscoordinator
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To: VRWCmember

Well it is certainly better than what it is now....40 quarters...please that is 10 years. Way too low for SS in my opinion. 39 years and 9 months is not 40 years is it? For someone who is conservative you don’t sound it in your post.


18 posted on 07/19/2010 8:08:39 AM PDT by napscoordinator
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To: napscoordinator

I thought you could, but I’m not seeing that line on the 2009 1040. I sure thought it used to be there.


19 posted on 07/19/2010 8:22:18 AM PDT by KansasGirl
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To: KansasGirl

Thanks for checking. One area I do say no to is the Presidential campaign because it does not allow us to chose which party to send the money too. I could imagine that if I had said yes to the 3 bucks it might end up in Obama’s coffers...lol.


20 posted on 07/19/2010 8:26:39 AM PDT by napscoordinator
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To: napscoordinator

Guess I should have checked before opening my mouth. ;-)
Don’t know where I came up with that.


21 posted on 07/19/2010 8:31:05 AM PDT by KansasGirl
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To: KansasGirl

No biggie.....You are only 3,784,828 behind me now on this type of thing. lol.

Before today you were 3,784,829) :)


22 posted on 07/19/2010 8:34:10 AM PDT by napscoordinator
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To: rhema
US taxpayers soon to taste the bitter fruit of Obamacare By: Floyd and Mary Beth Brown July 19, 2010

Get ready for your life to change. The so-called benefits of Obamacare don’t start until 2014, but the tax increases, misallocated resources and federal regulations start now. House Speaker Nancy Pelosi famously said the night of Obamacare’s passage, “We have to pass the bill so that you can find out what is in it.” The emerging picture is frightening.

Obamacare dramatically alters the already overregulated health insurance market. The law creates a maze of mandates, federal directives, price controls, tax increases and subsidies.

We all begin paying Obamacare taxes this year. The law includes at last count at least 19 new taxes. As Americans begin to reap the personal financial burden of Obamacare, the movement to repeal it is mounting.

Individuals must pay an annual penalty of $695, or up to 2.5 percent of their annual income, if they don’t purchase an approved health insurance plan. Penalties on families include an annual penalty of $347 per child, up to $2,250 per family, if parents don’t purchase an approved policy.

Most of us have heard about the penalties on employers. Business owners must buy a government-approved health plan or pay a penalty of $2,000 per employee if they have 50 employees or more.

Medicare taxes are climbing, too. The bill requires single people earning $200,000 or more and couples earning $250,000 or more to pay an additional 0.9 percent in Medicare taxes.

Thinking about downsizing or buying a new home? There are new taxes on home sales tacked on the bill. Obamacare imposes a 3.8 percent tax on home sales and other real estate transactions........

Read more at the San Francisco Examiner: http://www.sfexaminer.com/opinion/columns/oped_contributors/US-taxpayers-soon-to-taste-the-bitter-fruit-of-Obamacare--98715324.html#ixzz0u8uGMn00

23 posted on 07/19/2010 8:37:01 AM PDT by KeyLargo
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To: napscoordinator

Here tou go. Guess this is where I came up with it.

http://www.taxfoundation.org/blog/show/1412.html

How do you make a gift to reduce debt held by the public?

If you wish to do so, make a check payable to “Bureau of the Public Debt.” You can send it to: Bureau of the Public Debt, Department G, P.O. Box 2188, Parkersburg, WV 26106-2188. Or you can enclose the check with your income tax return when you file.

Tip: You may be able to deduct this gift on your tax return.


24 posted on 07/19/2010 8:45:16 AM PDT by KansasGirl
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To: KansasGirl

Thanks again....dang now I am even worse off again with regards to my numbers...lol.

Reading your post makes me question whether to allow funds to go to this place. For some reason I don’t trust it....lol. It must be that it sounds too government...ROTFLMAO.


25 posted on 07/19/2010 8:52:27 AM PDT by napscoordinator
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To: napscoordinator

Probably goes to re-elect incumbents!


26 posted on 07/19/2010 9:01:21 AM PDT by KansasGirl
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To: napscoordinator
39 years and 9 months is not 40 years is it? For someone who is conservative you don’t sound it in your post.

This coming from someone who thinks an improvement is to allow the government to confiscate my mony for 40 years, and then let me have a little bit of it back at if I manage to go the full 40 years? What exactly is your idea of conservatism if you think it is the government's money in the first place?

27 posted on 07/19/2010 10:24:32 AM PDT by VRWCmember
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To: VRWCmember

Actually you work more than 40 years to get that money. 40 years is only 18-58 or 22-62 in you attend college. You can’t collect until 66 today and 67 soon and after that they are talking 70 so I don’t see the difference except for those that work 10 years and wait until they can collect or the kids who get SS because their parent passed away....what does that have to do with SS.


28 posted on 07/19/2010 10:43:58 AM PDT by napscoordinator
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To: napscoordinator

I guess it comes down to a difference in philosophy regarding to whom the money belongs. I believe it is my money that was withheld from my paycheck. You seem to be arguing that it is the government’s money for the government to decide if and when I get my money back.


29 posted on 07/19/2010 11:49:01 AM PDT by VRWCmember
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To: VRWCmember

That is a good point...I forget about the government part in all of this. The only thing is that after five or six years of getting SS. You typically get all your money back (supposedly).


30 posted on 07/19/2010 3:23:39 PM PDT by napscoordinator
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