Posted on 06/23/2012 4:49:33 AM PDT by Olog-hai
President Barack Obama's promise to raise the estate tax by 5 percent to 55 percent should he be re-elected in November is “not just wrong, it’s criminal,” legendary singer Pat Boone told Newsmax.TV.
"People that have worked hard, people who have saved, paid their taxes, set something away and now want to leave it to their family—if they have the bad judgment to die, the government will step over and say: ‘Thank you. We will take 55 percent of that,’” Boone told Newsmax in an exclusive interview on Friday.
“And if you have to sell your business, have to sell your house, have to borrow the money, you have to pay the government 55 percent of whatever was left—I think that’s just robbery. It’s not just wrong; it's criminal. It ought to be abolished, and it must be abolished.”
Boone is a spokesman for the 60 Plus Association, the nation’s leading conservative seniors organization. It was founded 19 years ago as a counterpart to AARP and now has 7 million members. The group's chairman is Jim Martin.
On Friday, the association launched its “60 Plus Healthcare Freedom Bus Tour,” in Florida with Boone and Martin speaking about issues critical to this year’s election. The tour stops in Virginia and Ohio in the coming weeks. …
Martin said the 60 Plus Association has been working to get the estate tax—what it now calls the “death tax”—abolished. …
(Excerpt) Read more at newsmax.com ...
This URL will take you to the IRS simplified explanation of the Federal Estate Tax.
http://www.irs.gov/businesses/small/article/0,,id=164871,00.html
Life insurance proceeds shouldn't be taxed, IMO, much less at 50%. If I had known they were, I wouldn't have kept the insurance this long!
Thanks again!
My state farm agent told me life insurance benefit is not taxed. In other words, when your beneficiary gets the money, they do not have to pay tax on it.
I should point out that the beneficiary should be a specific person or persons, not your estate. The person is paid immediately in a lump sum and it is not part of your estate.
Check with your agent or insurance company to be certain of your circumstances.
I’m going to look into it thoroughly! Thanks All!
i was speaking with a friend of mine about a settlement he has with the IRS (It was agreed to three years ago) and he mentioned that his attorney mentioned that it's not uncommon for them to take over a decade to cough up.
But if they think you owe them...
i was speaking with a friend of mine about a settlement he has with the IRS (It was agreed to three years ago) and he mentioned that his attorney mentioned that it's not uncommon for them to take over a decade to cough up.
But if they think you owe them...
My MIL died last summer, and we’re still dealing with the aftermath. After battling cancer for 10 years, she didn’t have any cash left to speak of.
She was an artist who enjoyed lots of recognition (has several permanent exhibits in museums all over the country, etc.), but never actually sold enough art to make a living at it (she had a professorship, and lived off her settlement from her first husband and Social Security).
We had to hire an IRS-approved art appraisor to value all her unsold art... the appraisal cost us $35K for the inventory process (with professional photos of each piece) and another $14K for the report to submit to the IRS. We also had to get a professional appraisal for her house and art studio in Los Angeles.
It may take us decades to sell her art, but we have already had to send the IRS a check for $245,000, which we hope will be approved whenever they get around to reviewing the filing. Legal bills have also gone over $100K so far, and we’re not quite done yet.
My MIL had been talking for years about destroying all her art so she wouldn’t bankrupt the family. She was right about that.
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