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Keyword: estatetax

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  • A Lifetime of Taxes Is Enough

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

    10/11/2017 1:04:42 PM PDT · by E. Pluribus Unum · 61 replies
    The Washington Compost ^ | October 11, 2017 | Greg Sargent
    There is probably no better illustration of the scam President Trump’s tax plan would perpetrate on working- and middle-class people than its provision repealing the estate tax. Getting rid of it would benefit a tiny slice of high earners and their families — including Trump’s family, who could save as much as $1 billion once Trump moves on to delivering an accounting for his life to his maker. Yet Trump has absurdly sold estate-tax repeal as a huge boon to “millions” of small businesses and even to “the American farmer.”
  • Why More States Are Killing Estate Taxes

    06/16/2017 6:33:34 AM PDT · by reaganaut1 · 9 replies
    Wall Street Journal ^ | June 16, 2017 | Laura Saunders
    Want proof taxes can actually go down? In the last three years, nine states have eliminated or lowered their estate taxes, mostly by raising exemptions. And more reductions are coming. Minnesota lawmakers recently raised the state’s estate-tax exemption to $2.1 million retroactive to January, and the exemption will rise to $2.4 million next year. Maryland will raise its $3 million exemption to $4 million next year. New Jersey’s exemption, which used to rank last at $675,000 per person, rose to $2 million per person this year. Next year New Jersey is scheduled to eliminate its estate tax altogether, joining about...
  • Here's the rest of Trump's tax plan: Fewer brackets, lower rates, no more estate tax . . .

    04/27/2017 11:32:59 AM PDT · by Sean_Anthony · 17 replies
    Canada Free Press ^ | 04/27/17 | Dan Calabrese
    And more! We told you yesterday about the Trump plan to reduce the corporate tax rate from 35 percent to 15 percent, and to make a similar move on the repatriated profits tax. Later in the day, more detailed emerged about Trump’s larger tax proposal. Via CNBC, here are the high points: Trump’s plan will cut the number of income tax brackets from seven to three, with a top rate of 35 percent and lower rates of 25 percent and 10 percent. It is not clear what income ranges will fall under those brackets. It would also double the standard...
  • 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: http://www.bloomberg.com/news/articles/2016-06-13/christie-pans-democratic-proposal-to-double-new-jersey-gas-tax
  • 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
    NJ.com ^ | 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
    Townhall.com ^ | January 23, 2015 | Hank Adler
    Let's assume George and Ethel, two teachers, purchased their Southern California home in 1966 for $45,000. Lets also assume that over the next fifty years, the value of the house increased to $1,345,000. Let's also assume that George and Ethel had four children and each of them went to a private four year college and that George and Ethel continued to re-finance their home to put their children through college and take a few cruises. Today, there is a $1,145,000 loan on the house. With pensions and other savings, the now retired teachers manage to pay their mortgage and live...
  • 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...