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| Economy |
| House Votes To Restore 45 Percent Death Tax |
| 2009-12-03 |
| The House voted Thursday to permanently extend a 45 percent inheritance tax on estates larger than $3.5 million, canceling a one-year repeal of the tax set to begin next month. A similar effort is afoot in the Senate, but the health care debate there could preclude action on the estate tax before Congress breaks later this month for holidays. There are also disagreements among senators over the tax rate and the size of estates that should be exempt, further clouding the bill's prospects. Under the House bill, which passed by a 225-200 vote, estates smaller than $3.5 million would continue to be exempt from the tax. Married couples, with a little estate planning, could exempt a total of $7 million. That leaves less than 1 percent of all estates subject to the tax. Under current law, the federal estate tax is scheduled to temporarily disappear next year before returning in 2011 at an even higher 55 percent rate. During the year without an estate tax, all estates would be subject to a 15 percent capital gains tax that they now avoid. |
| Posted by: Anonymoose |
| #9 We don't all get advance notice of when we will die. |
| Posted by: Grunter 2009-12-03 23:00 |
| #8 my remarks were directed to Anguper, any f*ckers who want to join in |
| Posted by: Frank G 2009-12-03 22:26 |
| #7 they got their tax clip on the earning, on the investment return, and on the death of the earner. You wanna play "covet", let's start with you. I bet you have a neighbor less-well-off than you. Aren't they deserving of "fairness" despite the fact they didn't work, go to school, or earn credentials? Why not. The Estate tax is bullshit and a clear vision of the "what's yours is mine" attitude of this parasite Congressional majority. Think they'd be subject to it? Think again. Taxes are for losers, like us |
| Posted by: Frank G 2009-12-03 22:05 |
| #6 I do estate and gift tax planning for a living. The people that get hammered by it are owners of family businesses and farms that are asset rich and cash poor, big enough to have to pay the tax but not so big they can afford it easily. There's also a gift tax, so giving it away before you die only means you get to pay the tax sooner. Even though I make my living from working around these taxes, if they repealed the whole lot of 'em tomorrow morning, it would be one of the best things they could do to restart the economy. I'd be happy to have my estate tax planning skills rendered obsolete; I can always do something else if I have to. The first version of this bill would have changed the rules for valuing family businesses so that the tax would have hit even more people even harder than it does now. That got stripped out of the bill that passed today. Given the mood of the clowns in charge in DC toward taxes, this legislation is probably the best we can hope for. |
| Posted by: Mike 2009-12-03 21:52 |
| #5 ...and why don't they arrange transfer of the small business and big farm before they move on to the bigger one beyond. |
| Posted by: Procopius2k 2009-12-03 21:31 |
| #4 The issue with death taxes is the effect on small businesses and larger farms. Believe me $3.5 million isn't what it used to be. |
| Posted by: whitecollar redneck 2009-12-03 21:09 |
| #3 Existing laws and processes are on the books to transfer wealth and property to one's intended heirs prior to passing on. If you don't trust them with the stuff before you go, why should anyone else trust them with after you go. |
| Posted by: Procopius2k 2009-12-03 19:34 |
| #2 Just like a politician - increase death via ObamaCare and then tax it. |
| Posted by: DMFD 2009-12-03 18:01 |
| #1 I can barely sustain interest in repealing 'death taxes.' Hardly anyone is affected. Everyone is still free to dispose of their wealth at any time prior to their demise. Death is a far more severe loss of valuables than a death tax. |
| Posted by: Anguper Hupomosing9418 2009-12-03 17:39 |