Posted on 06/23/2012 4:49:33 AM PDT by Olog-hai
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 your house, have to borrow the money, you have to pay the government 55 percent of whatever was left—I think that’s just robbery. It’s not just wrong; it's criminal. It ought to be abolished, and it must be abolished.”
Boone is a spokesman for the 60 Plus Association, the nation’s leading conservative seniors organization. It was founded 19 years ago as a counterpart to AARP and now has 7 million members. The group's chairman is Jim Martin.
On Friday, the association launched its “60 Plus Healthcare Freedom Bus Tour,” in Florida with Boone and Martin speaking about issues critical to this year’s election. The tour stops in Virginia and Ohio in the coming weeks. …
Martin said the 60 Plus Association has been working to get the estate tax—what it now calls the “death tax”—abolished. …
(Excerpt) Read more at newsmax.com ...
The Estate Tax is not robbery...
It’s Social Justice.
/Sarcasm/
obamma cannot just raise taxes if he chooses. It has to go through Congress and the Republicans will never go along with obamma on this. So Pat, just keep doing what you are doing, and put your worries behind you.
Whassamatter, Pat -- don't want to give all your stuff to the Obama-Chicago Thug Machine???? Where's your civic pride???
The taxes on this money has already been paid by those who earned it. This is double taxing.
Exactly. The right ‘death tax amount’ is zero.
And, in a little house in Omaha, Nebraska, the sage licks his chops.
“...the government will step over and say: ‘Thank you. We will take 55 percent of that,’”
Wrong.
They’ll take it without saying “Thank you.” They’ll just take it. And then tell you it’s your civic duty.
And if you complain, get ready for the IRS audit...
Anyone know if the tax applies to life insurance benefits?
“And, in a little house in Omaha, Nebraska, the sage licks his chops.”
I can’t find the meaning of that nuance in my dictionary of nuances.
Just saying.
Don't know about that, but you do have to pay taxes on SS payments...and SS payments taken out of your check is already a tax. TAX EVERYTHING!!!!!!!!
FMCDH(BITS)
He will just write and Executive Order, have Nancy Pelosi wave her hand and deem it so....
All they have to now is raise it from 55% to 100%.
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!
Sorry. I just couldn't help myself.
On Obama’s drawing board is a series of concentration camps to house those earn more than $250000 who don’t tithe at least 10% of their gross income to Obama’s campaign fund. This tithing wii not be tax deductible. Additionally the tax rates will be doubled. Exempted from these measures will the Hollywood types and other celebrities Obama like to rub shoulders with. Also exempted will be all Democrat officeholders and those who look like him.
Anyone know if the tax applies to life insurance benefits?
Life insurance policies are “owned” by someone. If you are the “insured” and the “owner” of the policy, the insurance proceeds will be included in the taxable assets of the estate that are subject to the estate tax, after the deduction of the current estate tax exemption amount.
To confirm the ownership of a policy, contact the life insurance company that issued the policy and ask them to confirm the ownership of the policy. Concurrent with that, check who the “beneficary” is - if the policy is several years old, the original beneficiary may not be whom you want to receive the proceeds at this time. If you are the “owner” of the policy, you can change the “beneficiary”.
If you own the policy and want it out of the taxable estate, you will have to make a gift of the policy to another “owner”, who will then have it included in their estate. If the cash value of the policy exceeds $13,000, you will then have to contend with the “gift” tax.
Good luck...
the insurance proceeds will be included in the taxable assets of the estate that are subject to the estate tax
Well, I have to say that "SUCKS!"...
Will check it out as you suggest, but I may just have to drop the policy if indeed half of what I'm paying in monthly ( significant ) life insurance fees insures the dang government gets half of my survivor benefits.
There have to be better alternatives...
Thank You!
Best Regards.
This URL will take you to the IRS simplified explanation of the Federal Estate Tax.
http://www.irs.gov/businesses/small/article/0,,id=164871,00.html
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