Posted on 12/31/2017 2:52:08 PM PST by Tolerance Sucks Rocks
Family-owned business across the country have extra reason to celebrate this Christmas season. President Trump will soon sign the GOP tax bill, which doubles the estate, gift, generation-skipping tax exemptions, effective Jan. 1, 2018. This change marks significant progress in the fight to eliminate the unfair and hated "death tax" from the code entirely.
The death tax has been a killer for family businesses, destroying roughly $1.1 trillion in capital stock in the economy since its inception, according to a report by the Joint Economic Committee. Less capital stock means fewer jobs, lower wages for workers, and slower economic growth for the country. According to the Tax Foundation, repealing the death tax entirely in tax reform would have created roughly 160,000 new jobs and boosted employee wages. While full repeal remains the goal, increasing the exemption protects a much larger swath of family business from the 40 percent death tax.
Under 2017 law, the IRS projects that roughly 50,000 families will be subject to the estate tax over the next 10 years. Last year, 12,411 estates filed and 5,219 paid the tax. Doubling the estate tax exemption will reduce the number of filers to approximately 4,600, and payers to 1,800 per year, according to Joint Committee on Taxation numbers. The new law reduces the death tax's tax base by 64 percent, according to JCT numbers. For perspective, in 2000, 52,000 estates were forced to pay the death tax. Bottom line: Next year, the estate tax will be the least burdensome it has been in its 101-year history, with the exception of 2010, when the tax was temporarily repealed.
(Excerpt) Read more at washingtonexaminer.com ...
the death tax is extreme evil
An additional benefit of this legislation is that it will substantially reduce the income of estate tax attorneys. And ANY TIME we can reduce the income of attorneys and the need for them, it’s a good thing.
Couldn’t agree more.
That $1 trillion figure represents a gross under-count > IMO.
Too many farms lost, too many businesses lost, too many estates taxed on things that have already been taxed, and it is incredible that anyone could think it right to see anyone have to lose a family entity, because they simply couldn’t pay this tax.
Pure evil. It should have been repealed entirely.
There are parts of the new tax bill I do not support, and parts I do not think should have remained in force.
But it sadly it’s not altogether and permanently repealed. KILL IT!!!!! Grave robbing.
“And ANY TIME we can reduce the income of attorneys and the need for them, it’s a good thing.”
YES YES YES YES YES !!!!!
Perhaps more than most people realize. Warren Buffett bought up family businesses on the cheap when families had to sell because they couldn’t afford the death tax. Another sleazy liberal for you.
Death Tax is obscene!
The “estate tax” should be repealed entirely!
Isn’t the ‘Death Tax’ a communist inspired idea to reduce so called ‘generational wealth’?
Yes, Warren Buffet has made millions off of the Death Tax.
My parents in law had a life insurance policy to protect their estate. It was worth over 2 million, with a huge premium every year. They bought it 30 years ago when they saw their unmarried brothers estate get cashed out completely to the feds.
They lived in fear of the government taking everything they had saved for their children, spent hundreds of thousands of dollars on lawyers and insurance policies. A bad way to treat your citizens.
With property taxes at the present levels, farmers MUST have every square foot of land producing, every year.
No one can retire from farming and hold the land for the Grand-kids. The land must produce income to cover the taxes. If son or daughter don't want to farm but grandson does, too bad. That land goes to subdivisions.
Have seen it over and over again.
Trusts defeat death taxes.
They are easy to use too.
Democrats don’t believe in private ownership - of anything. So from their perspective, the death tax is just “fundamental fairness.”
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