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Keyword: estatetax

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  • 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. Obamas 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.
  • Dont 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 theres one area thats rarely mentioned, despite its economic importance and despite the fact that its 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
    Id like somebody to get rid of the death tax. Thats what I want. I dont want to get taxed just because I died. I just dont 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 cant 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, its 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 familyif 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
    www.nbcbayarea.com ^ | 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...
  • Its 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 Obamas 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 Speakers 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 Hell 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 Obamas 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 years 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 Taxs 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 Wallaces 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 Alzheimers. 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 its 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...
  • Steinbrenners 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
  • 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...
  • 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 years 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
    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...
  • 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.
  • Congress scrambles to extend estate tax

    12/02/2009 4:40:08 AM PST · by cbkaty · 29 replies · 1,049+ views
    Assiciated Press ^ | 12/02/2009 | STEPHEN OHLEMACHER
    WASHINGTON (AP) -- Next year had been shaping up as a great year to get a big inheritance - no federal taxes on it. Congress, however, has other plans for the few wealthy heirs expecting a big boon. Uncle Sam may take a 45 percent cut after all. Under current law, the federal estate tax is scheduled to temporarily disappear next year before returning in 2011 at an even higher rate. But the House is expected to vote as early as Thursday on a bill that would permanently extend the current top rate of 45 percent on estates larger than...
  • 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...
  • Protect the Farm, Tax the Manor [next year, law calls that there be no Estate Tax at all..]

    11/21/2009 9:27:35 PM PST · by fight_truth_decay · 26 replies · 1,007+ views
    New York Times Op-Ed ^ | November 21, 2009 | RAY D. MADOFF
    HOW do you tell a wealthy heiress from a family farmer? It sounds like the setup for a joke. But in fact it is the fundamental problem underlying sensible reform of the federal estate tax. Members of Congress are hoping to revise the current law on the estate tax by the end of this year; if they dont, the estate tax will disappear for a year. Lawmakers should use the opportunity to solve the farmer/heiress riddle once and for all and move our tax system closer to the values on which the country was founded that hard work should...
  • ABC News Special Report: Senator Ted Kennedy has died.

    08/25/2009 10:14:50 PM PDT · by Gigantor · 754 replies · 34,592+ views
    Senator Ted Kennedy has died.
  • Healthcare Reform + Estate Tax = A Reduction in the Deficit??

    08/22/2009 12:12:17 PM PDT · by lrmac · 11 replies · 303+ views
    My brain
    I am sure that there is no way that I could possibly be the only person who thinks this. Perhaps I have just never heard this mentioned in the news anywhere, but does anyone else feel that the current health care reform bill is in some way a catalyst for the estate tax, or vice versus? I saw on the O'Reilly the other day how Dennis Miller ridiculed certain townhall protestors for comparing Obama to Hitler. Obama has in no way committed such blatant evils against mankind like Hitler did. A better comparison for Obama would be Stalin....I may not...
  • 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
    Ive 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 doesnt 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...
  • How the estate tax drives families out of business

    07/17/2009 8:46:02 AM PDT · by rhema · 24 replies · 896+ views
    St. Paul Pioneer Press ^ | 07/16/2009 | Eugene Sukup
    The recent deaths of Farrah Fawcett, Michael Jackson, Billy Mays and Ed McMahon have many Americans thinking about mortality. If you're a business owner of a certain age, as I am, it's something you think about daily. Unlike television personalities and performing artists, most business owners labor in relative obscurity. Our legacy, when we pass, is what we've built and perhaps invented (in my case, agricultural equipment most Americans have never heard of) and the hundreds and perhaps thousands of people who depend on us for jobs. We're unlike television personalities and recording artists in another important respect...
  • 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...