The Estate Tax is not robbery...
It’s Social Justice.
/Sarcasm/
obamma cannot just raise taxes if he chooses. It has to go through Congress and the Republicans will never go along with obamma on this. So Pat, just keep doing what you are doing, and put your worries behind you.
Whassamatter, Pat -- don't want to give all your stuff to the Obama-Chicago Thug Machine???? Where's your civic pride???
The taxes on this money has already been paid by those who earned it. This is double taxing.
“...the government will step over and say: ‘Thank you. We will take 55 percent of that,’”
Wrong.
They’ll take it without saying “Thank you.” They’ll just take it. And then tell you it’s your civic duty.
And if you complain, get ready for the IRS audit...
Anyone know if the tax applies to life insurance benefits?
All they have to now is raise it from 55% to 100%.
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.