Keyword: estatetax

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  • Christie Pans Democratic Proposal to Double N.J.’s Fuel Tax

    06/13/2016 3:22:29 PM PDT · by Olog-hai · 3 replies
    Bloomberg | June 13, 2016 — 12:31 PM EDT | Terence Dopp, Elise Young
    Link only:
  • 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...
  • N.J. has lost its wealthiest resident to Florida, report says (David Tepper)

    04/06/2016 8:14:15 AM PDT · by DCBryan1 · 24 replies ^ | 16, 2016 at 3:04 PM, updated March 17, 2016 at 7:17 AM | By Craig McCarthy
    New Jersey's wealthiest man may be making a common Northeast move: a relocation to the tax-friendly state of Florida, a report says. According to Bloomberg, David Tepper has shifted the base of his Appaloosa Management to the Sunshine State as of Jan. 1 after registering to vote and declaring citizenship in Miami at the end of 2015. Taxes were reportedly an important part of the 58-year-old's decision, but also, quality-of-life played big part in his choice to move, according to the article. Tepper has been a resident of the Garden State for more than two decades and has continually appeared...
  • 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
  • Has SCOTUS Created a Way to Get Around the Estate Tax?

    06/28/2015 2:11:42 AM PDT · by 2ndDivisionVet · 26 replies
    American Thinker The Blog ^ | June 28, 2015 | Vel Nirtist
    Sometimes, at a most solemn moment, a most irreverent thought shoots through the mind. When I heard that the US Supreme Court legalized gay marriage, my thought was "I wonder what the estate tax lawyers will make of it?" How about advising a terminally ill widowed grandma to marry her much-beloved granddaughter at the deathbed? Won't the estate pass to the surviving spouse intact? I'm not a lawyer, but I think it will -- without IRS getting the bite out of it as would happen now. And it would be very hard to have a sound legal argument against such...
  • Kudos To The House GOP For Passing Bill To Kill Death Tax

    04/20/2015 4:53:47 AM PDT · by SeekAndFind · 1 replies
    IBD ^ | 04/20/2015
    Republican leaders have been scolded for not doing more in their first 100 days in charge of Congress, but one victory deserves applause: the House's 240-179 vote Thursday to kill the hated and unfair death tax. We'll see if economic common sense prevails in the Senate to get the required 60 votes or if the redistributionists who run the Democratic Party in Washington derail this tax reform. President Obama, class warrior in chief, has already vowed to veto any repeal of the estate tax. That's a shame, but it's still worth it to send a repeal bill to his desk....
  • REMINDER: The Ted Kennedy Shrine Cost Taxpayers $38 Million

    03/31/2015 5:38:26 AM PDT · by Timber Rattler · 30 replies
    The Daily Caller ^ | March 30, 2015 | Chuck Ross
    The stated mission of the Edward M. Kennedy Institute is to teach the general public about how the U.S. Senate works, so it’s fitting that the shrine to the late Massachusetts Democrat is funded, in part, by $38 million in taxpayers’ money. The $78 million combination museum and interactive civics exhibit was formally dedicated by President Obama on Monday. Besides a section honoring Kennedy’s 46-year political career, which ended with his Aug. 25, 2009 death, the Institute will offer a “Senate Immersion Module” which aims to teach visitors how the upper chamber works. (snip) On top of an $18.9 million...
  • 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...
  • The Clintons: estate taxes for thee but not for me

    06/18/2014 6:31:42 AM PDT · by SeekAndFind · 22 replies
    American Thinker ^ | 06/18/2014 | Thomas Lifson
    Bill and Hillary Clinton are using perfectly legal, but complex and expensive legal strategies available only to the rich in order to avoid the estate taxes they have assured us are essential to fairness and economic justice. So much for the crusade against the 1% who are supposedly responsible for all the ills of everyone else.  Keeping Chelsea a wealthy member of the 1% is the apparent goal.Richard Rubin of Bloomberg reports: Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it. To reduce...
  • 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,...
  • 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...
  • Obama budget resurrects the estate tax

    04/10/2013 3:35:29 PM PDT · by markomalley · 13 replies
    The Washington Times ^ | Apr 10, 2013 | Dave Boyer
    President Obama seeks in his new budget to raise the estate tax, which was permanently lowered in the Jan. 1 “fiscal cliff” deal between the administration and congressional Republicans. Mr. Obama’s proposal would reinstitute the estate tax in 2018 at tax rates imposed in 2009, when about 3 in 1,000 people were subject to the tax. It would raise about $79 billion over 10 years. The plan would drop the per-person exemption to $3.5 million from $5.25 million this year, and raise the top tax rate to 45 percent from 40 percent.
  • 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...
  • 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.
  • The following rich liberals have all used legal tax shelters to legally lower their taxes

    09/04/2012 2:50:42 AM PDT · by grundle · 5 replies
    wordpress ^ | September 3, 2012 | Dan from Squirrel Hill
    Dan from Squirrel Hill's Blog The following rich liberals have all used legal tax shelters to legally lower their taxes The following rich liberals have all used legal tax shelters to legally lower their taxes:Debbie Wasserman SchultzThe Weekly Standard reports:Disclosure forms reveal that Democratic National Committee chair Debbie Wasserman Schultz, a member of Congress from Florida, previously held funds with investments in Swiss banks, foreign drug companies, and the state bank of India. This revelation comes mere days after the Democratic chair attacked presumptive Republican presidential candidate Mitt Romney for holding money in Swiss bank accounts in the past.Nancy PelosiThe Daily...
  • 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,...
  • 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...
  • What are the Tax Implications of the Zombie Apocalypse? (Death and Taxes and Zombies)

    05/26/2012 10:48:48 AM PDT · by DogByte6RER · 16 replies
    IO9 ^ | May 26, 2012 | Lauren Davis
    What are the tax implications of the zombie apocalypse? The only certainties in life are death and taxes, but how do you handle the taxes when death doesn't go quite as planned? Law professor Adam Chodorow takes a stab at estate planning for the undead in perhaps the only legal paper to cite both the Internal Revenue Code and Weekend at Bernie's II. Chodorow, a professor at Arizona State University's Sandra Day O'Connor College of Law, authored the paper "Death and Taxes...and Zombies," which will appear in a forthcoming issue of the Iowa Law Review. Chodorow notes that, while the...
  • Steve Jobs' Heirs Could Be Forced to Sell Apple Shares (estate faces $867 million tax bill.)

    11/22/2011 2:40:27 PM PST · by TSgt · 22 replies · 1+ views ^ | Tuesday, Nov 22, 2011 | Updated 1:38 PM PST | Barbara E. Hernandez
    When Steve Jobs died last month, he left $6.78 billion of stock in both Apple and Disney presumably to his wife and family. His widow, Laurene Powell Jobs, may not have a better time to sell off the billions of stock and avoid $867 million in capital gains taxes. Financial planners told Bloomberg that Powell Jobs and the family should quickly divest and diversify its holdings to avoid higher taxes. Capital gains taxes are set to rise in 2013 from 15 to 20 percent, and Americans with a high income may also be subjected to a 3.8 percent tax on...
  • 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...
  • 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...
  • Hoyer sees 'some room' to amend tax package in House (Dems want to raise estate tax; GOP silent)

    12/13/2010 2:43:09 PM PST · by Qbert · 17 replies · 1+ views
    The Hill ^ | 12/13/2010 | Mike Lillis
    A top House Democrat said Monday there's room to revise the contentious tax-cut package hammered out between the White House and Senate Republicans. Majority Leader Steny Hoyer (D-Md.) predicted the House would ultimately pass a tax-cut bill this month, but not before Democratic critics have had a chance to amend certain language — particularly a 35 percent estate tax provision that exempts the first $5 million of estates. "There certainly seems to me to be some room for a change which may or may not be perceived by some to be significant," Hoyer told reporters at the National Press Club....
  • Van Hollen (D-Md): Tax deal will come to floor, but estate tax is sticking point for Dems

    12/12/2010 7:56:49 PM PST · by Qbert · 24 replies
    The Hill ^ | 12/12/2010 | Bridget Johnson
    The assistant to Speaker Nancy Pelosi (D-Calif.) said Sunday that President Obama's tax compromise with Republicans will come to the House floor, despite House Democrats vowing to block the deal in a heated caucus meeting last week. But Rep. Chris Van Hollen (D-Md.) said on "Fox News Sunday" that, even though the White House has said that the deal to extend the Bush-era tax cuts isn't open to negotiation, House Democrats are still going to make an effort to lop out at least one controversial provision: the estate tax. "This bill will come to the floor of the House in...
  • Democrats to draw line at estate tax after Obama’s deal with Republicans

    12/08/2010 7:52:40 AM PST · by Qbert · 37 replies · 1+ views
    The Hill ^ | 12/7/2010 | Russell Berman and Mike Lillis
    House Democratic leaders unhappy with the tax-cut deal President Obama struck with Republicans are signaling they will try to draw the line at a GOP-favored proposal for the estate tax. Speaker Nancy Pelosi (D-Calif.) on Tuesday escalated the Democratic criticism of the agreement and said the estate-tax provision was “a bridge too far.” The comments by Pelosi and other party leaders reflected widespread anger among House Democrats at the president for caving too early, by their characterization, and essentially leaving them out of final negotiations with Republicans. While Pelosi retains the Speaker’s gavel for nearly another month, the tax-cut endgame...
  • 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...
  • Sanders Hints He’ll Filibuster Tax Cuts Compromise

    12/06/2010 10:34:17 PM PST · by Qbert · 57 replies
    Roll Call ^ | 12/6/2010 | John Stanton
    Sen. Bernie Sanders on Monday all but promised to filibuster President Barack Obama’s controversial agreement with Republicans to extend all of the Bush-era tax cuts for two years. Appearing on "The Ed Schultz Show" on MSNBC, the Vermont Independent lambasted the agreement, which also includes a 13-month extension of unemployment insurance, a two-year exemption from the estate tax for estates worth up to $5 million and a host of provisions from last year’s stimulus bill. “I think it is an absolute disaster and an insult to the vast majority of the American people,” Sanders told Schultz, adding that Democrats opposed...
  • 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...
  • Rivals in estate tax fight are calling on lawmakers to move on restoration

    07/21/2010 7:18:18 PM PDT · by jazusamo · 17 replies
    The Hill ^ | July 21, 2010 | Kevin Bogardus
    Anti-poverty advocates, business groups and unions all realize it’s now or never for Congress to move on restoring the estate tax. With the August recess looming, both sides of the debate are calling on lawmakers to act now on the tax. Lawmakers will return to Capitol Hill in the fall, hesitant to take a potentially toxic vote so close to the midterm elections on what could be termed a tax increase. The estate tax — which has lapsed since the beginning of the year — will return in 2011. It will be at its highest rate in 10 years, with...
  • 2010, a Good Year to Die (For Your Heirs' Sake)

    07/19/2010 6:24:18 AM PDT · by rhema · 29 replies
    Jewish World Review ^ | 7/19/10 | Mitch Albom
    The old expression was "What would you do if you had six months to live?" This year, it's "What would you do if you had six months to die?" The clock is ticking on free death in America. Last week we saw an amazing example of a good news/sad news scenario. George Steinbrenner, owner of the Yankees, died of a heart attack at age 80. But by dying in 2010, his family avoided $500 million in estate taxes that it would have paid if he'd hung on another year. Why? Because the inheritance tax is in exile this year. The...
  • Steinbrenner’s Timely Exit

    07/14/2010 1:10:59 PM PDT · by TwoOverhill · 6 replies
    Palisades Hudson Financial Group LLC ^ | July 14, 2010 | Larry M. Elkin
    Whether you admired George Steinbrenner or loathed him (his kind treatment of troubled souls like Darryl Strawberry and Dwight Gooden won me over in his later years), say this for the man: He had impeccable timing. When Steinbrenner led a group of partners that bought the New York Yankees in 1973 for $10 million, the team was down on its luck and owned by a corporate parent, CBS, that had no idea what to do about it. When he died yesterday at age 80, he had built his own network, YES, into the cornerstone of a personal fortune estimated at...
  • 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...
  • 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

    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...
  • 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...
  • 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 ^ | 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...
  • estate tax voting

    12/22/2009 12:58:10 PM PST · by 310metaltrader · 1 replies · 294+ views
    here are some views on how the estate tax may shake down.
  • 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...
  • Democrats' war on home business

    12/06/2009 10:34:13 PM PST · by neverdem · 9 replies · 1,098+ views
    American Thinker ^ | December 07, 2009 | Bruce Walker
    The House of Representatives on December 3rd passed House Resolution 4154, which is deceptively called the "Permanent Estate Tax Relief Act."  This bill is part of the general war by the Democratic Party on self-employed Americans, family farms, and home businesses.  Does this sound extreme?  Consider the vote on the message:  225 Democrats in the House voted for HR 4154 and 26 Democrats voted against it; not a single Republican voted for HR 4154.  No RINOs could be persuaded to support Congressman Pomeroy's attempt to freeze the estate tax emption level at $3.5 Million and then tax all estate assets...
  • 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.