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Keyword: deathtax

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  • 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
    Townhall.com ^ | 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
    TheCypressTimes.com ^ | 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
    Townhall.com ^ | 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...
  • DEATH TO THE DEATH TAX!

    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
    ninemsn.com.au ^ | 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...
  • Kill the Death Tax, Once and for All ("No Taxation Without Respiration")

    04/16/2010 6:58:30 AM PDT · by SeekAndFind · 5 replies · 290+ views
    National Review ^ | 04/16/2010 | Deroy Murdock
    The federal death tax today stands at zero percent, and it should stay there. Republicans and free-marketeers should kill the death tax once and for all before it roars back next January 1. If the Democratic Left defends the death tax, the Republican Right should beat them on it at the polls next November. If Congress does nothing, the death tax will be resurrected at 55 percent after a $1 million exclusion. According to the Wall Street Journal, Democrats wish to restore last year’s 45 percent death tax beyond a $3.5 million exclusion. Republicans seem to prefer a 35 percent...
  • Tea Party Express PAC Outlines 2010 Targets

    04/16/2010 1:04:55 AM PDT · by Cindy · 42 replies · 979+ views
    Blogs.ABC NEWS.com - The Note ^ | April 15, 2010 2:09 PM | ABC News’ Teddy Davis and Matt Loffman report
    SNIPPET: "The leadership of the Tea Party Express PAC came to the National Press Club on Thursday to herald its early successes and to unveil its expanded list of 2010 electoral targets." SNIPPET: "In an effort to show that the Tea Party Express PAC is not a “tool” of the Republican Party, but instead is an independent political force, Russo announced that the PAC is getting behind one conservative Democrat who has opposed President Obama’s agenda: Rep. Walt Minnick (ID-01). The decision to get behind Minnick is attention-grabbing because Republicans have fielded a strong candidate in that race: Iraq war...
  • Planning For The Estate Tax's Return (It it is unlikely your estate will get a free pass)

    02/24/2010 6:56:05 AM PST · by SeekAndFind · 19 replies · 657+ views
    Forbes ^ | 02/24/2010 | Mark Eghrari
    Do not be fooled by the estate tax lapse of 2010. It is true that the estate tax--which imposed a 45% tax on all assets in excess of $3.5 million--was repealed for 2010 as part of the sweeping Bush tax cuts of 2001. But it is unlikely your estate will get a free pass. For one thing the repeal is only in place for one year. In 2011 the estate tax is slated to be reinstated with a higher rate of 55% and an exemption of only $1 million per estate. Also even though the federal estate tax is (as...
  • Vermont Tax Repeal Effort Draws Controversy (Atlas is shrugging in VT)

    02/08/2010 2:57:43 AM PST · by Straight Vermonter · 17 replies · 1,389+ views
    WCAX ^ | 2/8/10 | Andy Potter
    As the Vermont legislature struggles to find $150 million worth of budget cuts this year, an attempt to roll back two tax increases is running into opposition. At issue are the capital gains and estate taxes, primarily affecting upper income Vermonters. But there's evidence that the two taxes are driving wealthier residents out of state to places like Florida. The Vermont senate Economic Development committee met at Burlington city hall last week to hear testimony on repealing last year's increases on the state capital gains tax and the estate tax. Although farms were excluded from the death tax -- as...
  • A Good Year To Die

    01/04/2010 5:07:50 PM PST · by Kaslin · 7 replies · 524+ views
    Investors.com ^ | January 4, 2010 | INVESTORS BUSINESS dAILY Staff
    Fiscal Policy: The new year saw the death of the estate tax. But like Freddie Krueger, this epitome of class warfare and wealth redistribution is sure to return to wreak havoc among the living. Once dubbed the "Paris Hilton" tax, the levy is supposed to target the inherited wealth of the super-rich who really didn't earn it or don't really need so much of it. Or so we're told. But at some point, even inherited wealth was created and taxed in its creation. The death tax is double taxation, and just because you can't take it with you doesn't mean...
  • Lack of Estate Tax in 2010: Now Cheaper to Die?

    01/02/2010 11:57:43 AM PST · by KJC1 · 12 replies · 777+ views
    ABC ^ | 01-01-10 | Joseph Browstein
    Well, 2010 has arrived -- and because Congress devoted so much effort toward health care reform, we may have ourselves some death panels after all. While critics have dismissed Sarah Palin's "death panels" to dole out medical care as fiction, a tax loophole may in fact give the heirs of some wealthy people a financial incentive to make this new year their loved one's last. In 2001, then-President George W. Bush signed a law designed to phase out the estate tax -- a tax on the assets a deceased individual leaves behind. The law reduced the amount wealthy families were...
  • Group Calls for Extension of Federal Estate Tax

    12/24/2009 1:13:09 PM PST · by NJRighty · 18 replies · 558+ views
    Planned Giving Design Center, LLC ^ | 12/22/2009 | Americans for a Fair Estate Tax
    Group Calls for Extension of Federal Estate Tax Published on Tuesday, December 22nd, 2009. In a December 17 letter to Senators, Americans for a Fair Estate Tax has urged legislators to extend the Federal Estate Tax citing a loss in vital tax revenue and incentive for charitable giving. December 17, 2009 Dear Senator, Given the serious economic problems the country faces today, the Senate's apparent decision to let the federal estate tax expire on Jan. 1, 2010 is incomprehensible. Unless Congress takes action, the estate tax will disappear in 2010 and then return at higher levels in 2011. The estate...
  • 2010: A Good Year to Die? (The year the Death Tax disappears, but only for a year)

    12/22/2009 7:08:23 AM PST · by SeekAndFind · 25 replies · 722+ views
    RealClearMarkets ^ | 12/22/2009 | Josh Barro
    Next month, for one year only, the federal estate tax is set to go away. Don't break out the cyanide capsules just yet though, because Congress is likely to reinstate the tax retroactively sometime during 2010, as part of a permanent estate tax reform. When doing so, Congress should make sure to get the reform right - this means setting a high exemption so few taxpayers have to comply with the tax, and indexing the tax to inflation so it does not impact smaller estates over time. A temporary repeal is coming because of the structure of the 2001 Bush...
  • House votes to extend tax on wealthy estates

    12/03/2009 1:30:51 PM PST · by markomalley · 21 replies · 898+ views
    AP (via Drudge) ^ | 12/3/2009 | Stephen Olemacher
    The House voted Thursday to permanently extend a 45 percent inheritance tax on estates larger than $3.5 million, canceling a one-year repeal of the tax set to begin next month. A similar effort is afoot in the Senate, but the health care debate there could preclude action on the estate tax before Congress breaks later this month for holidays. There are also disagreements among senators over the tax rate and the size of estates that should be exempt, further clouding the bill's prospects. Lawmakers, however, don't want to delay action until next year because they are wary of enacting retroactive...
  • House cancels estate tax repeal, extends current tax rate

    12/03/2009 11:51:04 AM PST · by MaestroLC · 172 replies · 7,063+ views
    Washington Post | December 3, 2009 | Staff
    The House votes 224-199 to cancel a one-year repeal of the estate tax, set to begin next month, and instead permanently extends the current tax, with a top rate of 45 percent on estates larger than $3.5 million.
  • Time to bury 'death tax' (death tax could return to menace family businesses again in 2011)

    11/27/2009 8:11:52 AM PST · by SeekAndFind · 10 replies · 549+ views
    Washington Times ^ | 11/27/2009 | Ed Feulner
    Kevin Hancock simply wants to harvest trees - sustainably - and create jobs in the process. The federal government may put a stop to all that. His business, Hancock Lumber, has been in the family for six generations. It owns 30,000 acres of Maine timberland and employs 550 people. But Mr. Hancock already knows that when his elderly mother dies, he'll have to sell off huge swaths of land to pay the ensuing tax bill. He recently warned a Senate committee that, "Once it has been sold to a developer, it will be parceled off and will no longer be...
  • Death Panels and the Estate Tax

    08/22/2009 2:26:50 AM PDT · by Halfmanhalfamazing · 21 replies · 1,055+ views
    The Tax Policy Center ^ | August 14th | Howard Gleckman
    I’ve been struggling to understand the overheated rhetoric surrounding the proposal that allows Medicare to pay for end-of-life counseling. I think I get it now: It is all about the death tax. Here is the story the government doesn’t want you to know. The 2001 Bush tax cuts will repeal the estate tax next year, but only for a year. Starting in less than 18 months, estates in excess of $1 million will once again be taxed at a stiff 55 percent. This will cost the children of the very wealthy tens of billions of not-so-hard-earned dollars. And it creates...
  • Death Tax & An Emerging Class of “Survivors”

    08/14/2009 6:06:57 AM PDT · by Kaslin · 7 replies · 584+ views
    Townhall.com ^ | August 13, 2009 | Armstrong Williams
    While the Washington press corps was fixated last week on the latest developments surrounding President Obama’s trillion dollar co-pay in the guise of health reform, followed by backyard beer swilling, IRS bean counters quietly went about their business. Their mission? Find a way to pay for the massive zeroes this administration continues to add at the end of the government’s mounting debt. In what some privately likened to an ancient an archaeological find teeming with treasure, revenue agents discovered a potential $80 million golden pot of money – at the home of Michael Jackson. That’s what the Feds stand to...
  • Kill the 'death tax' (A former CBO director argues for elimination of the federal estate tax)

    05/06/2009 6:58:29 AM PDT · by SeekAndFind · 7 replies · 450+ views
    Los Angeles Times ^ | 5/6/2009 | Douglas Holtz-Eakin
    Few taxes raise less revenue or make less sense than the federal estate tax. It is scheduled to be temporarily eliminated -- for 2010 -- only to reappear in 2011, and it has been a sore spot to family business owners since its inception. Research shows that these concerns are legitimate -- and, if anything, understated. Faced with the sunset provision, the White House would like to lock in the current tax rate permanently -- 45% of total assets over $3.5 million at the time of death. At the same time, some members of Congress are pressing to raise the...
  • Latest News on The Death Tax

    04/22/2009 9:52:26 PM PDT · by rvoitier · 31 replies · 1,227+ views
    The good news is that Congress realizes that the American people are not going to stand for a permanent 45% Death Tax.The bad news is . . .