Keyword: deathtax

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  • A Lifetime of Taxes Is Enough

    10/24/2017 4:26:52 AM PDT · by Kaslin · 23 replies
    Townhall.com ^ | October 24, 2017 | Stephen Moore
    My father built a small business from scratch with years of sweat equity and many weeks and months away from home. He employed about 100 people, and by the end of his working years, the business was highly successful. He became a millionaire. He lived the American dream. He sold a product that people wanted, provided a solid income for many families and gave lots of money to our church and numerous other charities. And every year he paid his taxes. Over the course of his lifetime, he paid millions of dollars in income taxes, sales taxes, payroll taxes, property...
  • Theodore Roosevelt supported the death tax

    09/30/2017 8:04:42 AM PDT · by ProgressingAmerica · 53 replies
    Chalk another one up for big government progressivism. I recently posted about progressive republicans and the 16th amendment, having learned during that research that this was the case: I did not know previously that TR supported the death tax. Here is what he said in 1906: As a matter of personal conviction, and without pretending to discuss the details or formulate the system, I feel that we shall ultimately have to consider the adoption of some such scheme as that of a progressive tax on all fortunes, beyond a certain amount, either given in life or devised or bequeathed upon...
  • Why More States Are Killing Estate Taxes

    06/16/2017 6:33:34 AM PDT · by reaganaut1 · 9 replies
    Wall Street Journal ^ | June 16, 2017 | Laura Saunders
    Want proof taxes can actually go down? In the last three years, nine states have eliminated or lowered their estate taxes, mostly by raising exemptions. And more reductions are coming. Minnesota lawmakers recently raised the state’s estate-tax exemption to $2.1 million retroactive to January, and the exemption will rise to $2.4 million next year. Maryland will raise its $3 million exemption to $4 million next year. New Jersey’s exemption, which used to rank last at $675,000 per person, rose to $2 million per person this year. Next year New Jersey is scheduled to eliminate its estate tax altogether, joining about...
  • Illinois’ wealth flight explained in 4 graphics

    11/18/2016 9:32:13 PM PST · by george76 · 28 replies
    Illinois Policy ^ | November 15, 2016 | Michael Lucci
    IRS data show the average income of taxpayers leaving Illinois surpassed the average income of taxpayers entering the state by $20,000 in 2014, a record loss for Illinois in the wake of the 2011 income-tax hike. Politicians enacted Illinois’ 2011 income-tax hike during a late-night legislative session in January 2011 and raised the state’s personal income-tax rate to 5 percent from 3 percent. This 67 percent income-tax hike lasted for four years, during which time Illinois experienced record wealth flight. IRS data reveal what happens when politicians choose short-term tax revenue gains over long-term stability. The short-term increase in tax...
  • Hillary: Know what? We should raise the death tax as high as 65 percent

    09/23/2016 9:45:16 AM PDT · by Sean_Anthony · 34 replies
    Canada Free Press ^ | 09/23/16 | Dan Calabrese
    Three brackets, all higher than the current 45 percent We’ve discussed the death tax a fair amount around here, and for better or for worse it usually breaks down to two arguments. Defenders of the tax say there’s no reason the children of rich people should feel entitled to get all their parents’ money, since they themselves did nothing to earn it. Critics of the tax respond by saying that if the parent earned the money, then it should be the parents’ decision who gets it, and at any rate there’s no particular reason the government should have a claim...
  • Obama's sneaky attempt to raise the death tax without asking Congress

    09/06/2016 6:15:31 PM PDT · by Sean_Anthony · 10 replies
    Canada Free Press ^ | 09/06/16 | Dan Calabrese
    Rules and more rules The Constitution says you can’t pass laws or levy taxes without congressional approval. Barack Obama does not see the Constitution as a limit to respect. He sees it as a target to be destroyed, and his directive to the administrative state is to find a way. Find a way to govern as we want, without having to bother with Congress. Do it via regulatory and administrative rulemaking if that’s what it takes. But do it.
  • The Sneaky Way Obama Is Hiking Death Taxes

    08/18/2016 5:46:05 AM PDT · by milton23 · 38 replies
    Daily Signal ^ | 8/17/16 | Curtis Dubay
    President Barack Obama isn’t afraid to enact his agenda over the will of Congress. At this late stage in his presidency, he’s still overreaching his authority to push through an agenda; his most recent overstep being an effort to unilaterally raise the federal estate tax. Conservatives have successfully lessened the impact of the estate tax, colloquially known as the “death tax,” in recent years. In 2000, before George W. Bush became president, the death tax had a rate of 55 percent and struck families with assets valued at $675,000 or more.
  • Why Over Half of Prince's Estate Will Go To The Government

    04/29/2016 11:51:58 AM PDT · by OddLane · 43 replies
    The Daily Signal ^ | April 29, 2016 | Rachel Greszler
    It appears that the pop star Prince may have died without a will, leaving behind a multi-million dollar and growing estate. Although Prince has one full sister and five half-siblings, Prince’s family members will not be his biggest heirs. Both the federal government and Minnesota’s state government will assess so-called “death taxes” or estate taxes on Prince’s assets, taking away more than half his estate. Between his physical assets— cash, investments, home, etc.—and his future royalties, Prince’s estate has been estimated to be between $300 and $500 million. If Prince were married, he could have passed on the entirety of...
  • Sarcastic Definition of the Day: Estate Tax

    10/05/2015 10:38:51 AM PDT · by The Looking Spoon
    American Irony ^ | 10-5-15 | The Looking Spoon
  • Hillary’s hypocrisy on the death tax: I support this tax. I just don’t feel like paying it.

    04/18/2015 10:10:15 AM PDT · by SeekAndFind · 6 replies
    Hotair ^ | 04/18/2015 | Jazz Shaw
    Earlier this week we took a look at the GOP efforts to repeal the death tax, including some of the political pitfalls involved as well as reasons why it’s still a hill worth fighting on. In a rare moment of taking a position on a policy issue, Hillary Clinton has chimed in on the so called estate tax several times over the years. She has referred to it as a “wealth tax”, which works out quite well for her this year if she’s trying to angle her way into a more Elizabeth Warren style position on the subject. So...
  • Finally: Congress is Trying to Abolish The Death Tax

    04/17/2015 12:28:31 PM PDT · by Kaslin · 12 replies
    Townhall.com ^ | April 17, 2015 | Katie Pavlich
    They say there are two things that are certain in life: death and taxes. If you're a Democrat, you can add death taxes to that list. The death tax, which was being phased out by President Bush from 2001-2008 but revived by the Obama administration in 2009, currently sits at 40 percent. More background from Heritage: Estate tax (death tax) repeal. The Bush tax cuts phased out the death tax. It was supposed to be completely eliminated after 2009. However, after being dormant for one year in 2009, the 2010 deal between President Obama and Congress brought it back to life at...
  • Congress Considering Repeal of Death Tax

    04/16/2015 2:25:22 PM PDT · by ThethoughtsofGreg · 17 replies
    American Legislator ^ | 4-16-15 | Will Freeland
    For the first time in just over a decade, the U.S. House of Representatives today will vote on a bill to abolish the death tax, otherwise known the federal estate tax. H.R. 1105—the “Death Tax Repeal Act of 2015″—has bipartisan support, which is evident by its co-sponsors: Congressmen Kevin Brady (R-Texas) and Sanford Bishop (D-Georgia). Attempts to repeal the federal death tax acknowledge what the 32 states without a death tax already understand: a tax on an individual’s personal property, business assets and investments, even with a $5 million exemption, results in high compliance costs, little revenue and bad incentives....
  • Finally: a clear explanation of why the Left loves the death tax

    04/16/2015 8:44:28 AM PDT · by SeekAndFind · 21 replies
    Hotair ^ | 04/16/2015 | Jazz Shaw
    It’s undoubtedly too soon to begin getting your hopes up yet, but there are signs that the new GOP controlled Congress may finally be getting down to some of the regular business we were promised during the election. Plenty of fire and brimstone has been flying around both chambers over matters of foreign policy and big ticket items, but some mundane issues of importance to conservatives are still waiting on the back burner. Today, one of these should be moving forward. We’re going to have yet another vote on repealing the death tax and it’s got both teams pretty...
  • Kill the death tax

    04/15/2015 8:24:27 AM PDT · by SeekAndFind · 9 replies
    Washington Times | 04/15/2015 | Thomas Fletcher
    With the federal budget debate underway in Washington, both political parties are certainly sparring over different fiscal visions for the country. There is, however, a chance for rare bi-partisan agreement: repealing the federal death tax. This unpopular tax has long had an adverse impact on small, family business owners who want the next generation to continue the family legacy. Currently, the federal government seizes over 40 percent of an individual’s estate when they die. While the President wants to destroy so many of those legacies and raise taxes, Congress has the chance to go in a different direction. Federal lawmakers...
  • Time to Kill the Death Tax

    03/31/2015 8:31:37 AM PDT · by Kaslin · 22 replies
    Townhall.com ^ | March 31, 2015 | Grover Norquist
    For the first time in a decade, the U.S. House of Representatives may soon vote to kill the death tax. The death tax in the United States was born in the North and South as a way to pay for the Civil War. When the war ended, the tax lingered until 1870. It sprang back to life to fund World War I. The war ended and the tax shrank. It then grew to full fury during World War II. The tax has been cut back, then expanded. It even disappeared for one full year in 2010 before returning. But even...
  • President Obama "Steps Up" Attack On Estate Planning Techniques

    02/28/2015 7:27:04 AM PST · by TurboZamboni · 21 replies
    Penton Business Media ^ | 2-2-15 | Eric Fischer
    On Feb. 2, 2015, on the heels of the State of the Union Address, the Obama Administration released its budget proposal for the 2016 fiscal year, accompanied by the Treasury Department's General Explanation of the Administration's Fiscal Year 2016 Revenue Proposals (colloquially known as the Greenbook).[1] Given the percentage of his previous proposals that have been passed and the newly-elected Republican majority in both houses of Congress, the vast majority of the proposals in the Greenbook are unlikely to become law during President Obama's last two years in office. However, they are worth noting, as they identify the focus points...
  • Denis McDonough on Adm's domestic, foreign policy priorities ["trust funds,"tax rate,prisoners]

    01/26/2015 2:57:03 AM PST · by Cincinatus' Wife · 2 replies
    Fox News Sunday ^ | January 25, 2015 | transcript
    ...WALLACE:The White House has made it clear that it flatly opposes paying ransom..now,ISIS is making a new demand,offering a swap of the Japanese hostage for a terrorist being held in Jordan.Is that something to be considered?MCDONOUGH:You know,our policies are pretty well set..We don't get into negotiation with terrorists.We don't pay ransom..we're not going to do that.WALLACE:And a prisoner swap?MCDONOUGH:We're not going to do that.WALLACE:And you would advise the Japanese not to do that......WALLACE:..the president wants to pay for free community college,for increased child care tax credits by raising taxes on the wealthy,$210 billion over 10 years......WALLACE:..during the Obama years,the top...
  • Middle Class: Collateral Damage From Obama Tax Proposal

    01/23/2015 11:32:35 AM PST · by Kaslin · 15 replies
    Townhall.com ^ | January 23, 2015 | Hank Adler
    Let's assume George and Ethel, two teachers, purchased their Southern California home in 1966 for $45,000. Lets also assume that over the next fifty years, the value of the house increased to $1,345,000. Let's also assume that George and Ethel had four children and each of them went to a private four year college and that George and Ethel continued to re-finance their home to put their children through college and take a few cruises. Today, there is a $1,145,000 loan on the house. With pensions and other savings, the now retired teachers manage to pay their mortgage and live...
  • Obama Wants The Death Tax Increased to 60 Percent, More Taxes on College Savings

    01/19/2015 12:21:35 PM PST · by Nachum · 71 replies
    townhall.com ^ | 1/19/15 | Katie Pavlich
    As the old saying goes, there are two things that are certain in life, death and taxes. Tomorrow night during his 2015 State of the Union speech, President Obama will announce that people paying taxes their entire lives just isn't good enough. The President wants the current 40 percent death tax rate increased to 60 percent. Americans for Tax Reform breaks down the details: 2. Stealth increase in the death tax rate from 40% to nearly 60%. Under current law, when you inherit an asset your basis in the asset is the higher of the fair market value at the...
  • New York rich face tax surprise when they die: Tax rate of 164 percent on portions of their estates

    04/08/2014 2:20:29 PM PDT · by SeekAndFind · 32 replies
    CNBC ^ | 04/08/2014 | Robert Frank
    If you're a New York multimillionaire, you now have another incentive to stay alive. A change this month in New York's estate tax, which was billed as tax relief for the wealthy, contains a hidden wrinkle that could leave some multimillionaires with a much bigger surprise tax upon their death. Certain estates could even wind up with a tax rate of 164 percent on portions of their estates, according to one tax expert. The changes were intended to ease the tax bill for wealthy New Yorkers and prevent them from fleeing to lower-tax states. A report from the Tax Foundation...