Posted on 08/18/2011 3:57:30 AM PDT by tobyhill
The final stop on President Obama's three-state Midwest bus tour was at the Country Corner Farm Market in the small town of Alpha, Illinois. The president was roughly an hour behind schedule due mostly to a visit with the Galesburg High School football team, and although the crowd showed some signs of fatigue from waiting in the hot sun, most left the event saying it was worth the wait.
Although his opening remarks didn't change too much, the president did field one interesting question about the future of the estate tax that is worth looking at. I think it's the only question the president got on this topic the whole trip. Here's the exchange as per a transcript provided by the White House:
QUESTION: Thank you, Mr. President, for being here today in Henry County. My name is Karen Urich (ph). I’m a multigenerational farmer, member of the Henry County Board and Henry County Farm Bureau. My question that I have today is I have a concern over estate taxes.
In 2013, if the Senate and the Congress fails to act, we will have our estate taxes go back to the 2001 level. We have family farms that are experiencing having to sell their land in order to pay the property taxes. And I was wondering what you see for the future of the estate tax. Thank you.
THE PRESIDENT: Well, there’s no reason why we have to go all the way back to the 2001 level.
(Excerpt) Read more at whitehouse.blogs.cnn.com ...
He again references Warren Buffet about this. BUt Buffet was smart enough to put in trusts for all of his kids so that he would not be taxed on his estate anyway. Again, if Warren wants to pay more taxes, he could simply not take the deductions or not set up trusts so that the government gets it. THe bottom line is that our government has shown how fat, wasteful and inefficient it uses the money it collects. No matter HOW much money they get, they will always over-spend. THAT is what the REpublicans need to point out..
That folks in Illinois welcome and elect people like BHO is one of the reasons I moved away from the Alpha area many, many years ago.
Rose died in FL because it was better for taxes
Now Teddy’s widow is outgaming the tax system Teddy boosted all his life, by turning the estate on Cape Cod into a nonprofit “retreat” for visiting scholars (minus the family quarters, of course)
Warren already told his family they are disinherited
He intends to transfer much of his worldy goods to a tax-free foundation run by his man friend Bill Gates (who also bleats about not planning to leave his estate to his kids.... uh huh)
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