Keyword: deathtax

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  • 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 ^ | 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 ^ | 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,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 ^ | 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 ^ | 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...
  • The worst U.S. states to die in

    03/05/2014 11:19:05 AM PST · by EveningStar · 24 replies
    Yahoo ^ | March 4, 2014 | Bill Bischoff
    With the current relatively generous federal estate tax exemption of $5.25 million for 2013 and $5.34 million for 2014, you surely don't have any estate tax worries. Right? Not necessarily! It turns out that 19 states and the District of Columbia impose their own estate and/or inheritance taxes, and most of them have exemptions well below the federal amount. If you live in one of these places, your estate might be exempt from the federal estate tax but still exposed to a significant state death tax hit. Yikes! Here's what you need to know.
  • In 1100 AD, The People knew that the death tax was oppressive

    02/06/2014 4:34:40 PM PST · by ProgressingAmerica · 2 replies
    I want to introduce you to a magnificent document that far too few people have read. But before I introduce it to you, I need to remind you of something written in Federalist #84, that English history is American history. Hamilton specifically sites several(major) English documents that are important pre-cursors to the US Constitution. The earliest of said documents in that chain is the magnificent 1100 Charter of Liberties. Hamilton cites Magna Carta as the earliest, but the M.C. is really reliant upon the 1100 Charter as a precedent. In this Charter of Liberties, you will see, among other things,...
  • The Death Tax – Taxes on Death

    09/19/2013 9:33:37 AM PDT · by ThethoughtsofGreg · 6 replies
    American Legislator ^ | 9-12-13 | Will Freeland
    It has been said that the only certainties in life are death and taxes. Thankfully, across the states it’s becoming less likely for Americans to be actually taxed on death. Recently, the Wall Street Journal had an outstanding editorial on the Death Tax (otherwise known as the estate or inheritance tax) across the 50 states, titled “The Die Harder States.” The editorial points out a positive trend: four states have recently scraped their death tax. Recently, we chronicled North Carolina and Indiana’s pro-growth move to eliminate their death tax. With the addition of Ohio and Tennessee to the “States that...
  • Death Tax Made More Deadly (Obama wants to take even more from the 'rich' after they die)

    04/16/2013 6:32:33 AM PDT · by SeekAndFind · 17 replies
    An abiding lesson of the Obama Presidency is that no tax increase is ever enough. So it's not surprising that the President's new budget includes an increase in the death tax only three months after the last increase. In January Mr. Obama and Republicans agreed to tax estates at 40% with an exemption of $5 million ($10 million for couples). That was an increase from 35% and a $5 million exemption. Now only weeks later he's again looking for more, as his budget proposes to raise the rate to 45% and reduce the exemption to $3.5 million. Mr. Obama's budget...
  • Don’t Forget the Death Tax: Seventy percent of Americans want it gone

    02/28/2013 7:08:04 AM PST · by SeekAndFind · 2 replies
    National Review ^ | 02/28/2013 | Grover Norquist
    Everyone in Washington, D.C., who works on taxes is consumed with one area or another of reform: international provisions, the corporate rate, full business expensing, the spread between the top personal and corporate rates, etc. All of these — and many others besides — are vital parts of comprehensive tax reform. But there’s one area that’s rarely mentioned, despite its economic importance and despite the fact that it’s a deeply immoral blot on our system that 70 percent of Americans want gone for good: the death tax. The fiscal cliff and its legislative aftermath created a “new normal” in the...
  • 526,421 family farms threatened by new death tax

    12/11/2012 6:29:48 PM PST · by george76 · 48 replies
    The Washington Examiner ^ | December 11, 2012 | | Paul Bedard
    New legislation that jumps the death tax to 55 percent of estates exceeding $1 million threatens 526,421 family farms, of about 25 percent of all farms in America. ... Farm values are largely tied up in non-liquid assets like land, buildings, and livestock. Many farm and ranch families would be forced to sell their assets to satisfy Washington Democrats' insatiable appetite for tax money. Up to 24 percent of America's farm and ranch families could be forced to hand over a large chunk of their heritage to the Internal Revenue Service when a family member dies. This would economically devastate...
  • States, Estate Taxes and the Fiscal Cliff (Where a rich man can die without worrying about taxes)

    12/05/2012 11:04:38 AM PST · by SeekAndFind · 2 replies
    Governing ^ | 12/05/2012 | Penelope Lemov
    Not so long ago, states were plugged into a money gusher: They could charge estate taxes without costing their taxpayers a dime -- the money came straight out of the federal treasury. The set up made states billions of dollars -- at least until 2001 when Congress passed the Economic Growth and Tax Relief Reconciliation Act (EGTRRA), which put an end to one of the sweetest deals Washington ever gave state governments. That deal, struck in 1926, worked like this: Every dollar (up to a point) that someone paid in state estate taxes would be a dollar they didn't have...
  • Eliminate the death tax (one can't even mourn the death of a parent without worrying about taxes)

    11/18/2012 6:59:19 AM PST · by SeekAndFind · 45 replies
    American Thinker ^ | 11/18/2012 | Rick Moran
    Is it "fair" that the federal government be able to take more than half the wealth created by estates of more than $3.5 million at the time of death? Of course it is, says the left - even if 97% of farmers and ranchers will be impacted. Fox News: ****** Two decades ago, Kester paid the IRS $2 million when he inherited a 22,000-acre cattle ranch from his grandfather. Come January, the tax burden on his children will be more than $13 million. For supporters of a high estate tax, which is imposed on somebody's estate after death, Kester is...
  • Ranchers, farmers brace for 'death tax' impact

    11/17/2012 3:16:39 PM PST · by george76 · 21 replies
    FoxNews ^ | November 16, 2012 | William La Jeunesse
    the estate tax -- also known as the "death tax."... set to soar at the beginning of 2013 ... The estate tax dates back to 1916 when then-President Woodrow Wilson imposed the tax of 1 to 10 percent on the wealthy because World War I reduced federal government revenues. Under Franklin Delano Roosevelt, the tax rose to 77 percent, as Congress tried to prevent wealth from becoming concentrated among a few powerful and super-rich families. Ironically, many nations historically more concerned with class and wealth -- namely Russia and China -- have since abandoned their estate taxes.
  • Why The Death Tax Is The Dumb Tax

    07/31/2012 6:33:44 AM PDT · by SeekAndFind · 12 replies
    Forbes ^ | 07/31/2012 | Charles Kadlec
    I’d like somebody to get rid of the death tax. That’s what I want. I don’t want to get taxed just because I died. I just don’t think its right. If I give something to my kid, I already paid the tax, why do I do I have to pay again just because I died? -- Whoopi Goldberg ______________________________________ “This study confirms that the cost of the estate tax far exceeds any benefits it produces.” So begins “Cost and Consequences of the Federal Estate Tax” published last week by the Republican Staff of the Joint Economic Committee, whose vice chairman,...
  • On Death Tax, the U.S. Is Worse than Greece, Worse than France, and Even Worse than Venezuela

    07/30/2012 7:23:26 AM PDT · by Kaslin · 2 replies ^ | July 30, 2012 | Daniel J. Mitchell
    Considering that every economic theory agrees that living standards and worker compensation are closely correlated with the amount of capital in an economy (this picture is a compelling illustration of the relationship), one would think that politicians – particularly those who say they want to improve wages – would be very anxious not to create tax penalties on saving and investment. Yet the United States imposes very harsh tax burdens on capital formation, largely thanks to multiple layers of tax on income that is saved and invested.But we compound the damage with very high tax rates, including the highest corporate...
  • Senate Votes to Raise Taxes on Small Businesses

    07/26/2012 7:38:05 AM PDT · by IbJensen · 55 replies
    Heritage Foundation ^ | 7/26/2012 | Amy Payne
    Yesterday, the Senate narrowly voted (51-48) to raise taxes on 1.2 million small businesses, which will likely kill more than 700,000 jobs at a time when nearly 13 million Americans are out of work. Senators Joe Lieberman (I-CT) and Jim Webb (D-VA) joined all Republicans in bipartisan opposition to the tax hike. This is President Obama’s economic plan. This is what he asked Congress to do. And he recently told a fundraising crowd that his economic plan has been working. “Just like we’ve tried [Republicans'] plan, we tried our plan—and it worked,” he said. But Obama’s Treasury Secretary, Timothy Geithner,...
  • Claire McCaskill to Missouri Farmers: You Didn’t Build That

    07/27/2012 9:43:13 AM PDT · by 92nina · 9 replies
    ATR ^ | 2012-07-26 | Paul Blair
    Yesterday, Senate Democrats dropped President Obama’s proposal to raise the death tax in favor of their own. Their plan included stripping all death tax provisions out of S. 3412. By purposefully dropping the death tax provision, at the end of the year the tax is set to revert to pre-2001 tax cut levels, a rate that is higher than the President’s initial proposal. With her AYE vote on S. 3412, Senator McCaskill voted to subject Missouri small businesses, farms, and ranches to millions of dollars in additional taxes on earned assets. In 2006, McCaskill said that she supported “extending the...
  • IRS wants $29 million in estate taxes for bald-eagle sculpture that … can’t legally be sold

    07/24/2012 8:29:01 AM PDT · by SeekAndFind · 47 replies
    Hotair ^ | 07/24/2012 | AllahPundit
    That's one way to increase tax revenue from the rich. If you can't get Congress to pass the Buffett Rule, why not just start taxing phantom income instead?They want their money, even if you don't get yours. The object under discussion is “Canyon,” a masterwork of 20th-century art created by Robert Rauschenberg that Sonnabend’s children inherited when she died in 2007.Because the work, a sculptural combine, includes a stuffed bald eagle, a bird under federal protection, the heirs would be committing a felony if they ever tried to sell it. So their appraisers have valued the work at zero. But...
  • Potential ‘death tax’ increase makes 2013 a very bad year to die

    07/22/2012 7:50:37 PM PDT · by SeekAndFind · 27 replies
    Daily Caller ^ | 07/22/2012 | Christopher Bedford
    On Jan. 1, 2013, the estate tax is set to climb to as high as 55 percent — among the highest in the world economy — with the exclusion rate dropping to just $1 million, making 2013 a bad year to die for small businesses owners and the wealthy. The estate tax — often called the death tax — had been on the decline due to the Bush tax cuts, even reaching zero in 2010. Since then, it has risen back to 35 percent, with an $5 million exclusion, where it remains today. As blogged by conservative organization Americans for...
  • Don't Die in 2013: Confiscatory 55% Death Tax Set to Take Effect

    07/19/2012 3:45:30 PM PDT · by 92nina · 14 replies
    ATRF ^ | 2012-07-18 | Blake Seitz
    Current Law The 2001 tax relief bill (EGTRRA), drastically reduced the impact of the death tax over the course of a decade, so that it was eliminated entirely for one year in 2010 — a good year to die, joked a number of pundits. The bill lowered marginal rates and increased the applicable exclusion amount, but it also included a provision allowing individuals to carry over exclusion dollars that were unused by their spouse at the time of his or her death. This “portability” measure effectively increased the applicable exclusion for many households, in some instances putting millions of dollars...
  • Pat Boone: Obama's Plan to Raise Estate Tax is 'Robbery'

    06/23/2012 4:49:33 AM PDT · by Olog-hai · 27 replies
    Newsmax ^ | Friday, 22 Jun 2012 09:26 PM | Todd Beamon and John Bachman
    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...
  • Editorial: Passage of tax bill would be a small token of thanks for sacrifice

    05/04/2012 9:46:22 AM PDT · by SmithL · 6 replies
    Knoxville News Sentinel ^ | 5/4/12 | NEWS SENTINEL EDITORIAL BOARD
    In February 2011, Marine Lance Cpl. Andrew Carpenter was shot and killed while on patrol in Afghanistan. A lending company subsequently forgave his student loan, but now his parents are on the hook for a $28,000 tax bill as a result. U.S. Rep. Scott DesJarlais, R-Tenn., is outraged. And he's sponsoring a bill that would prevent the Internal Revenue Service from taxing loans to fallen service members that have been forgiven. The Andrew P. Carpenter Tax Act is one bill that all members of both parties can and should support. "It is a fitting way to fix a glaring problem...
  • CNN's Fareed Zakaria: Americans should give half of inheritance to government

    10/23/2011 9:00:37 AM PDT · by martosko · 98 replies
    The Daily Caller ^ | 10/23/2011 | Alex Pappas
    Time magazine columnist and CNN host Fareed Zakaria says Republican presidential candidate Herman Cain’s “9-9-9” tax reform plan is “sloppy and, in parts, bizarre.” So he offered his own version of a tax reform plan in his weekly column in Time. In it, Zakaria argues that Americans should give the federal government half of what they inherit. “I would enact a 50 percent inheritance tax, because nothing is more un-American than an inherited elite that perpetuates itself,” Zakaria wrote for the magazine.
  • New Estate Tax Law Poses Dilemma For The Rich

    02/03/2011 6:20:40 AM PST · by Skeez · 21 replies
    Forbes ^ | Deborah L. Jacobs
    Sometimes I just can't help pitying rich folks. Lately it's because the new tax law gives them yet another high-class quandary: Should they rush to give away everything to their kids during the next two years in order to save future estate tax? That's precisely what some financial pundits are now suggesting they do. Their advice grows out of the estate tax overhaul President Obama signed in December. It raises the tax-free limit on lifetime gifts from $1 million to a hefty $5 million ($10 million for married couples) before a gift tax applies. When it does, the rate is...
  • Barney Frank: Death Tax Not Punishment; Heirs Didn’t Do Anything to Deserve Inheritance

    12/19/2010 6:11:19 PM PST · by ChicagoConservative27 · 127 replies · 1+ views
    Mr. Frank's attitude seems to be that Americans need to justify why they should keep the money they inherit instead of the government needing to justify why they should be allowed to confiscate it. Video at link.
  • It’s Time to Bury the Estate Tax (Will the incoming Congress have the guts to kill it?)

    12/19/2010 8:48:04 AM PST · by SeekAndFind · 21 replies
    Hotair ^ | 12/18/2010 | Jazz Shaw
    The Wall Street Journal has brought up yet another argument against the ebb and flow of the estate tax debate this week. The crux of it is that the uncertainty over how large the government vultures will be when they come to feast on your corpse has some business owners spending more preparing for the estate tax than their families will eventually lose. What’s unavoidable to many family businesses, however, is the cost of lawyers, accountants, family business advisers and business appraisers—and all that, owners say, has increased in the past decade as the estate-tax rate has continually changed. Trade...
  • Warren Buffett, Robber Baron? (The Sage of Omaha and the estate tax racket... HE PROFITS FROM DEATH)

    12/07/2010 7:09:54 AM PST · by SeekAndFind · 15 replies
    American Thinker ^ | 12/07/2010 | Christopher Chantrill
    I know that we are all supposed to love Warren Buffett as the Sage of Omaha, businessman and all-around good guy, but I keep reading stories that make me wonder. Here's a story about Warren Buffett, the estate tax, and the life insurance industry. Did you know that the life insurance lobby is actively lobbying to restore the estate tax?  Why would the life insurance industry care about that? It turns out that ten percent of life insurance industry revenue is related to the estate tax. Wealthy people take out life insurance in order to reduce estate taxes because...
  • Report: Giant life insurance lobby key force behind estate tax

    11/30/2010 5:16:14 PM PST · by FTJM · 8 replies
    The Daily Caller ^ | 11/30/10 | Jonathan Strong
    A new report from a trade association representing family-owned businesses fighting against the estate tax says a giant life insurance lobby is a key force pushing against repeal of the estate tax as the tax creates demand for their insurance. The life insurance industry’s lobbying presence in D.C. is huge – larger than almost any other industry sector. According to the report, life insurers spent $10 million per month on lobbying in the first half of 2010. Only the pharmaceutical, electric utilities and oil and gas sectors, the heaviest of heavy hitters, spent more. Life insurers spent more on lobbying...
  • Even Secretariat Understood the Death Tax’s Cruelty (Taxing the bereaved produces little revenue)

    11/16/2010 2:00:56 PM PST · by WebFocus · 24 replies
    National Review ^ | 11/15/2010 | Deroy Murdock
    Director Randall Wallace’s Secretariat is a well-acted, exciting, and beautifully shot 1970s period piece about the Babe Ruth of thoroughbreds. It also dramatizes the immorality of the death tax. During a contentious scene in a generally upbeat movie, Penny Chenery Tweedy (the outstanding Diane Lane), her husband Jack (Dylan Walsh), and her brother Hollis (Dylan Baker) convene soon after the family patriarch loses his lengthy fight against Alzheimer’s. Even before they can organize his funeral, the three loved ones replace grief with acrimony as they contemplate an impending $6 million federal death-tax liability (equal to $29.5 million today). They must...
  • Death Bonuses for Senators, Death Taxes for Americans

    10/07/2010 11:01:21 AM PDT · by lward99 · 26 replies
    Alliance for Retirement Prosperity ^ | 10/7/2010 | WeTheAlliance
    How Dare They! These self-serving, self-righteous thieves! Right before Congress slinked away to beg for their jobs – The U.S. Senate voted to pay Senator Byrd's family a $193,400 Death Bonus! Please, make no mistake about it. This was not a charitable act of good will. This was a blatant display of Washington cronyism at it's worst. Believe me, I would applaud a charitable act from our elitists in the Senate. But not one Senator took a thin dime out of his/her pocket. THEY TOOK IT OUT OF OURS! Senator Robert Byrd was no charity case. He was a U.S....
  • Sharron Angle fights to repeal death tax; Harry Reid labors to keep it alive

    07/22/2010 7:58:53 PM PDT · by Patriot1259 · 9 replies · 2+ views ^ | 07/22/2010 | Staff
    NEVADA –U.S. Senate candidate Sharron Angle was present at different publics events sponsored in Reno and Las Vegas by the American Family Business Institute (AFBI), a trade association representing family-owned businesses, ranches and farms. The events were hosted on Wednesday and Thursday by AFBI to witness the signing of the Death Tax Repeal Pledge between Sharron Angle andAFBI President Dick Patten. Angle discussed the tax’s impact on family businesses, jobs, and economic growth while signing AFBI’s “Death Tax Repeal Pledge”. By signing the pledge, Angle commits to vote for repeal of the estate tax, which her opponent, Senator Harry Reid,...
  • Two senators propose reinstating estate tax (Democrat Blanche Lincoln and Republican Jon Kyl)

    07/14/2010 11:51:41 AM PDT · by SeekAndFind · 49 replies · 1+ views
    Reuters ^ | 07/14/2010 | Kim Dixon
    Two senators, a Democrat and a Republican, have reintroduced a proposal to reinstate the estate tax, which lapsed this year amid a row among lawmakers over taxing the wealthy when they die. Democratic Senator Blanche Lincoln and Republican Senator Jon Kyl late on Tuesday reintroduced a plan to tax estates over $5 million at a rate of 35 percent. The estate tax that expired last year had taxed estates at a rate of 45 percent, above an exemption of $3.5 million for individuals and above $7 million for couples. There is no estate tax in 2010 because lawmakers last year...
  • Coming soom from the Democrats: The worst tax increases of 2011

    07/14/2010 6:44:50 AM PDT · by justsaynomore · 20 replies
    Herman Cain web site ^ | July 11, 2010 | Herman Cain
    All tax increases are bad, but there are some that are just plain unfair and punitive for no logical reason. The marriage penalty, the small business penalty, the retirement penalty, and the death penalty are in that category.Everyone except the most clueless “mushrooms” of our society know that tax rates will return to 2000 levels if the Democrat-controlled Congress does nothing to stop them.And they have shown a real skill for doing nothing but legislative carnage to this country in the last 18 months. That carnage has included the publicly unpopular Health Care Deform bill, the House-passed Cap and Trade...
  • Death'$ perfect timing (No death tax on Steinbrenner's estate)

    07/14/2010 3:30:25 AM PDT · by jimbo123 · 17 replies
    NY Post ^ | 7/14/10 | BRAD HAMILTON and JEANE MacINTOSH
    He's a winner even in death. George Steinbrenner died six months after the federal estate tax expired, saving his wife and four children about half a billion dollars -- and essentially ensuring they can keep the Yankees. The tax, a 45 percent hit that lapsed in January due to lawmaker bungling, is set to be renewed in 2011 -- at 55 percent. Had he died in 2009, his family would have owed about $500 million; if he had survived until 2011, the bill would have been $600 million.
  • Inherited wealth shouldn't get a free pass on taxes (According to the LA Times )

    07/06/2010 8:12:27 AM PDT · by SeekAndFind · 36 replies · 2+ views
    Los Angeles Times ^ | 07/06/2010 | Ray Madoff
    Repeal of the estate tax imposes significant costs on the taxpaying public and promotes concentrations of wealth that harm our democracy. CLICK ABOVE LINK FOR THE REST
  • Obama: Promoting the Negative, Discouraging the Positive

    06/30/2010 12:04:37 PM PDT · by Kaslin · 9 replies ^ | June 30, 2010 | Michael Medved
    National anger at corruption and incompetence in Washington centers increasingly on a peculiar, profoundly maddening quirk of the Obama administration: its consistent, irrational impulse to reward bad behavior and to punish constructive conduct. The now powerful Tea Party movement began with an on-air rant in February, 2009 by Rick Santelli of CNBC, who complained of a costly new program to protect homeowners who had recklessly committed themselves to unaffordable mortgages; he suggested a “Chicago Tea Party” as a means of protest. Despite the indignation Santelli ignited, various Obama programs continue to tax Americans who’ve never missed a mortgage and send...

    05/17/2010 5:37:49 PM PDT · by TheFreedomPoster · 7 replies · 249+ views
    Red County ^ | May 17, 2010 | Matthew Burke
    The most immoral of all taxes is the Death Tax. The Death Tax replaces the government as primary beneficiary, in-front of children, family, friends, and charities...
  • Millionaire mayoress leaves daughters $4.50

    04/26/2010 8:55:19 PM PDT · by Free ThinkerNY · 23 replies · 1,064+ views ^ | April 26, 2010 | ninemsn staff
    A former Adelaide mayoress left her daughters just $1.50 each from her $3.5 million estate because she believed they plotted to kill her mother. Valmai Roche died last year aged 81 and stated in her will that her daughter's should be left "30 pieces of silver of the lowest denomination" — or 30 five cent pieces, the Adelaide Advertiser reports. Daughters Deborah Hamilton, Fiona Roche and Shauna Roche were also left jewellery from Ms Roche's collection on condition they correctly answered questions relating to their mother's personal diaries. Two of the daughters are challenging the will in the South Australian...