Keyword: estatetax

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  • Killing the Death Tax

    10/10/2006 6:00:11 PM PDT · by bruinbirdman · 17 replies · 595+ views
    National Center for Policy Analysis ^ | 10/9/06 | Danielle Georgiou
    This summer, the Senate fell short of the super-majority needed to bring to a vote a measure permanently repealing the estate tax. This means the current reduced-rate estate tax will revert to the full pre-2001 rates of up to 55 percent by 2011 unless other action is taken. The Senate's lack of action prompted the House to pass the Estate Tax and Extension of Tax Relief Act (H.R. 5970), which would extend estate tax relief beyond 2010, but would not eliminate the tax. This is unfortunate. The evidence shows that the estate tax does little to redistribute wealth and may...
  • When 88% is not good enough

    09/03/2006 1:11:30 AM PDT · by Northern Alliance · 10 replies · 748+ views
    The American Thinker ^ | September 3rd, 2006 | not stated
    In all the publicity about their attack on Senator Joe Lieberman, it has gone almost unnoticed that the far left has also targeted some members of the Black Caucus for their support of highly selective Bush administration policies. This support often came about only after hard negotiations to win administration support for programs to help people in their districts. Having lived in Chicago for two decades I find it almost unimaginable that former Black Panther Bobby Rush could be challenged from his left, but he was. Cong. Rush’s vote for the energy bill upset the masters of the Internet’s political...
  • I.R.S. to Cut Tax Auditors (government moving to eliminate nearly half of the lawyers)

    07/23/2006 8:35:51 PM PDT · by Libloather · 29 replies · 1,419+ views
    NY Times ^ | 7/23/06 | DAVID CAY JOHNSTON
    I.R.S. to Cut Tax AuditorsBy DAVID CAY JOHNSTON Published: July 23, 2006 The federal government is moving to eliminate the jobs of nearly half of the lawyers at the Internal Revenue Service who audit tax returns of some of the wealthiest Americans, specifically those who are subject to gift and estate taxes when they transfer parts of their fortunes to their children and others. The administration plans to cut the jobs of 157 of the agency’s 345 estate tax lawyers, plus 17 support personnel, in less than 70 days. Kevin Brown, an I.R.S. deputy commissioner, confirmed the cuts after The...
  • Paulson Gives Pause (Treasury Secretary Nominee Against Tax Cuts)

    06/28/2006 10:34:47 PM PDT · by Lancey Howard · 9 replies · 554+ views
    The American Spectator ^ | 6/28/2006 | Washington Prowler
    According to sources familiar with the prep sessions with Paulson, the former Wall Street executive and well-known supporter of and financial contributor to Democrats could not get in line with the Bush administration's support for ending the estate or "death" tax, and permanent extension of the capital gains tax and other tax cuts that are due to expire in the next three years.
  • Buffett the Benefactor ( Avoids Death Taxes )

    06/26/2006 3:53:23 PM PDT · by george76 · 227 replies · 3,245+ views
    The New York Sun ^ | Jun 26, 2006 | Editorial & Opinion
    Mr.Buffett. As an avowed supporter of the estate tax, Mr. Buffett could have let the government take its share of his estate after he dies. But just as Mr. Buffett has accumulated his vast wealth without paying much personal income tax, he has found a way to avoid the tax man in this maneuver as well, even writing in his letter to Bill and Melinda Gates that a condition of the gift is that the foundation “must continue to satisfy legal requirements qualifying my gifts as charitable and not subject to gift or other taxes.” On the estate tax, watch...
  • Senate rejects effort to cut estate tax (RINOs Chafee & Voinovich break with party)

    06/08/2006 11:07:16 AM PDT · by Mr. Mojo · 23 replies · 1,031+ views
    AP (via Yahoo News) ^ | 6/8/06 | MARY DALRYMPLE
    Senators voted Thursday to reject a Republican effort to abolish taxes on inherited estates during an election year with control of Congress at stake. GOP leaders had pushed senators to permanently eliminate the estate tax, which disappears in 2010 under President Bush's first tax cut, but rears up again a year later. A 57-41 vote fell three votes short of advancing the bill. Senate Majority Leader Bill Frist, R-Tenn., said the Senate will vote again this year on a tax that opponents call the "death tax." "Getting rid of the death tax is just too important an issue to give...
  • Reward for the hereditary elite (barf alert)

    06/05/2006 11:13:10 AM PDT · by blitzgig · 220 replies · 2,746+ views
    Washington Post ^ | 6/5/06 | Sebastian Mallaby
    It doesn't matter if you are liberal or conservative, Democrat or Republican. There is no possible excuse for doing what Congress is poised to do this week: Abolish the estate tax. The federal government faces a future of expanding deficits. Thanks to the baby bust and medical inflation, spending is projected to rise by nearly 3 percent of gross domestic product by 2030, a growth equivalent to the doubling of today's Medicare program. What is the dumbest possible response to this? Take a source of revenue and abolish it outright. -snip- People often remark on the perversity of popular support...
  • . . . Or Unfair Burden on Families? (Estate Tax)

    06/05/2006 7:47:37 AM PDT · by kellynla · 37 replies · 791+ views
    The Washington Post ^ | June 5, 2006 | Jeff Sessions
    This week the Senate is expected to vote on permanent repeal of the estate tax. With this vote, Congress will have an opportunity to finish the job it started five years ago. The estate tax -- or, as many of us prefer to call it, the death tax -- is a tax imposed on the transfer of assets or property from a deceased person to his or her heirs. This is one of the IRS's most painful taxes, as it hits families at the worst possible time, when they are dealing with the death of a loved one. Congress passed...
  • Effort to Repeal Estate Tax Said to Be Faltering (RINOs in Action)

    06/04/2006 10:55:45 AM PDT · by nj26 · 30 replies · 835+ views
    Los Angeles Times ^ | 6/4/06 | Janet Hook
    A decade-long drive to permanently repeal the estate tax is about to come to a head, but proponents are finding it surprisingly difficult to get their political football into the end zone. The repeal proposal may be an indirect casualty of Hurricane Katrina, which forced Senate leaders to postpone a vote on the plan in September, when hopes it would pass were high. Now, with the Senate poised to vote as early as this week, even some of the most ardent supporters of estate tax repeal predict they will come up short. Some of them are pushing an alternative that...
  • Death and Taxes: The Economics of the Federal Estate Tax

    06/03/2006 6:19:51 AM PDT · by Conservative Goddess · 64 replies · 909+ views
    The Tax Foundation ^ | May 2006 | Andrew Chamberlain, et al.
    Executive Summary, found here: In April 2005, the U.S. House of Representatives voted to permanently repeal the federal estate tax (H.R. 8). Similar legislation is currently pending before the U.S. Senate (S. 420), and lawmakers are expected to finalize this legislation soon. This Special Report provides a brief history of the federal transfer tax system, and briefly examines the economics of estate taxation. .... This report examines two common arguments in favor of estate taxation. First, estate taxes are commonly assumed to be borne by wealthy taxpayers....Second, the history of the federal estate tax makes clear that the tax...
  • Death Tax Scam: 18 Families Behind Multimillion-Dollar Deceptive Lobbying Campaign

    04/26/2006 10:20:54 AM PDT · by nikola · 170 replies · 4,940+ views
    Public Citizen ^ | April 25, 2006 | Public Citizen and United for a Fair Economy
    WASHINGTON, D.C. – The multimillion-dollar lobbying effort to repeal the federal estate tax has been aggressively led by 18 super-wealthy families, according to a report released today by Public Citizen and United for a Fair Economy at a press conference in Washington, D.C. The report details for the first time the vast money, influence and deceptive marketing techniques behind the rhetoric in the campaign to repeal the tax. It reveals how 18 families worth a total of $185.5 billion have financed and coordinated a 10-year effort to repeal the estate tax, a move that would collectively net them a windfall...
  • BILL GATES SR. and CHUCK COLLINS: Estate tax foes push limits of selfishness [UPCHUCK ALERT]

    09/14/2005 3:22:04 PM PDT · by rhema · 10 replies · 522+ views
    A devastating hurricane hits the Gulf Coast. The war in Iraq claims almost 1,900 American lives with no end in sight in both casualties and cost. And red ink flows through short- and long-term federal deficit projections. Yet in the coming weeks, congressional leaders will move to abolish permanently the estate tax, America's only levy on concentrations of inherited wealth. Only after considerable pressure to respond to Hurricane Katrina and observe Chief Justice William Rehnquist's funeral did Senate Majority Leader Bill Frist back off from his determination to begin the estate tax debate immediately after Labor Day. The unseemly timing...
  • Congress Returns With a Different Agenda

    09/06/2005 8:10:06 AM PDT · by George W. Bush · 2 replies · 141+ views
    Associated Press ^ | 9/6/2005 | LARRY MARGASAK
    WASHINGTON - Congress' agenda for the remainder of the year has changed dramatically in the last few days, as lawmakers vowed to help Gulf Coast hurricane victims and senators faced a confirmation decision for a new chief justice — rather than an associate justice of the Supreme Court. ...In a short time, Bush promised, he also will send the Senate a nominee for an associate justice to replace retiring Justice Sandra Day O'Connor. Parts of the planned schedule will be set aside, said Senate Majority Leader Bill Frist, R-Tenn., including legislation on the estate tax.Congressional leaders were meeting with...
  • WSJ: Fuzzy Tax Math re: Death and Taxes, and Dynamic Scoring

    07/28/2005 5:40:10 AM PDT · by OESY · 36 replies · 743+ views
    Wall Street Journal ^ | July 28, 2005 | Editorial
    ...A recent study by... found that over 20 years the Joint Committee on Taxation] has always underestimated the revenues from tax hikes, while overestimating the revenues that are lost when taxes are cut.... The Joint Tax calculations of the "cost" of death tax repeal have been particularly wild and inexplicable. In 2001, JCT famously estimated that repeal would cost the Treasury $600 billion over 10 years -- twice as much as the death tax actually raises. The Joint Tax whiz kids built into their computer models the behavioral effects of lawyers working the interplay between the death and gift tax...
  • Senate's Lead Tax Writer Says Estate Tax Repeal Vote Could Doom Compromise

    07/25/2005 5:16:33 PM PDT · by TheOtherOne · 14 replies · 546+ views
    AP ^ | AP-ES-07-25-05 1937EDT
    Senate's Lead Tax Writer Says Estate Tax Repeal Vote Could Doom CompromiseBy Mary Dalrymple The Associated Press Published: Jul 25, 2005 WASHINGTON (AP) - The Senate's top tax writer said Monday that a vote on permanently repealing the estate tax could doom senators' efforts to strike an agreement limiting the tax to the wealthiest estates. Sen. Charles Grassley, the Iowa Republican who leads the Senate Finance Committee, said he was "a little anxious" to learn the Senate's GOP leader intended to push forward this week with a bill permanently repealing the estate tax. "I think if we push to have...
  • Watch Your Purse or Wallet ...AFTER the Funeral

    06/14/2005 6:20:18 PM PDT · by Seadog Bytes · 48 replies · 1,469+ views
    Strange Cosmos ^ | June 6, 2005 | SeadogBytes
  • Should the Estate Tax Go? (Nobel Prize Winner Gary Becker)

    05/22/2005 11:20:04 AM PDT · by FreedomSurge · 37 replies · 550+ views
    The Becker-Posner Blog ^ | May 15, 2005 | Gary Becker
    The tax cut law of 2001 included a slow phase out of the estate tax by 2010, but the tax is supposed to be reinstated in 2011 when the entire 2001 law expires. This strange political compromise on estate taxes presumably will not last, so it is a good time to consider what should be done about this tax. I believe taxes on estates should be permanently abolished since they do little to reduce income or wealth inequality, benefit a vast army of lawyers and accountants whose role is to find ways to cut taxes on the estates of the...
  • Editorial: Taxing Estates/It's Good For The Country

    05/03/2005 7:23:53 AM PDT · by daler · 21 replies · 768+ views
    Minneapolis Star and Sickle ^ | May 3, 2005 | I.M. Anidiot
    In the argument over repeal of the national estate tax, which has passed the House and will be before the Senate soon, supporters of repeal frequently assert that the assets of an estate have "already been taxed" and that the estate tax amounts to double taxation. That's not quite right; 36 percent of the value of estates worth more than $1 million comes from untaxed capital gains. For estates over $10 million, 57 percent of their value on average comes from untaxed capital gains. When all the generous exemptions, deductions and special allowances are factored in, there's very little double...
  • Charities Are Silent on Loss of Estate Tax

    04/23/2005 4:28:30 PM PDT · by n-tres-ted · 52 replies · 1,267+ views
    New York Times ^ | April 23, 2005 | Stephanie Strom
    "It's not difficult to see why organizations are keeping quiet about this potential estate tax cut," said James S. Tisch, president and chief executive of the Loews Corporation and a major donor to Jewish and other causes. "It's because they don't want to make their donors irate. You only have to make one or two irate to have a real problem."
  • Estate Tax (Prominent Dem Blogger says "f@#* the small businessman")

    04/15/2005 7:53:56 AM PDT · by Brian Mosely · 2 replies · 227+ views
    Matthew Yglesias ^ | 4/14/05 | Matthew Yglesias
    I'll trust that anyone reading this blog is well-read enough not to need a primer in why repealing the Estate Tax in the face of massive deficits is not the height of sound policymaking. For your delight and amusement I will, instead, offer some thoughts out of season. Taxing estates doesn't really seem like a great plan. If I die with a $10 million estate and want to give $5 to 2 million different people, there doesn't seem to me to be a good reason why the estate should be taxed. Better to tax inheritance since the actual concern is...