Senators Move To Revive The Death Tax

[Matt Collins]

Senators Move To Revive The Death Tax

Two senators, a Democrat and a Republican, are pushing to revive the expired estate tax at a reduced rate.


Democrat Blanche Lincoln of Arkansas and Republican Jon Kyl of Arizona hope to attach the new estate tax to a small business lending bill pending in the Senate. Their bill would set the top estate tax rate at 35 percent, with a per-person exemption of $5 million, indexed to inflation.


In 2009, the top estate tax rate was 45 percent with a per-person exemption of $3.5 million. Congress allowed the estate tax to expire this year, but it is scheduled to come back next year with a top rate of 55 percent, unless Congress acts.


http://www.newsmax.com/US/US-Estate-Tax/2010/07/16/id/364868

[michaelwise]

I was looking forward to a large number of wealthy elite people dropping dead before the end of the year. A 55% estate tax kicking in at the beginning of next year will do that to ego maniacs. No need to rush on the changes till next year. money won't be worth anything next year anyway so who cares. At least we will have more dead scum.

[Kotin]

Fuck you John kyl!!

[qh4dotcom]

Democrat Blanche Lincoln of Arkansas and Republican Jon Kyl of Arizona hope to attach the new estate tax to a small business lending bill pending in the Senate. Their bill would set the top estate tax rate at 35 percent, with a per-person exemption of $5 million, indexed to inflation.


http://www.newsmax.com/US/US-Estate-Tax/2010/07/16/id/364868

Blanche Lincoln is up for re-election in November and she's trailing badly in the polls. Is she committing political suicide?

[AuH20]

Fuck you John kyl!!

And he calls himself the junior senator of Arizona!! Of all states!!!

[Slutter McGee]

Fuck you John kyl!!

Read the damn article. Or do the research. If they do nothing, then the tax jumps up to 55% at the end of the year. It is a temporary expiration this year. By doing this Kyle is actually helping get the estate tax through at a lower percentage than it was the last bunch of years.

There is plenty to not like John Kyl for. This aint one of em.

Sincerely,

Slutter McGee

[AuH20]

Read the damn article. Or do the research. If they do nothing, then the tax jumps up to 55% at the end of the year. It is a temporary expiration this year. By doing this Kyle is actually helping get the estate tax through at a lower percentage than it was the last bunch of years.

There is plenty to not like John Kyl for. This aint one of em.

Sincerely,

Slutter McGee


Correct


Their proposal also instructs the Senate Finance Committee to offset the difference in revenue loss between the Obama administration’s proposed 45 percent estate tax rate with a $3.5 million exemption amount and their proposed reform.

If Congress does not act this year, the federal estate tax is scheduled to increase to 55 percent with only a $1 million exemption at the beginning of 2011.

[itshappening]

bump.

how can we stop this?

[AuH20]

bump.

how can we stop this?

Actually, we don't want to stop it, unless you have an idea to replace a vast majority of our reps and altogether repeal the estate tax?

[DirtMcGirt]

George Steinbrenner (Yankee owner) saved millions for his family dying last week...

http://www.washingtonpost.com/wp-dyn/content/article/2010/07/13/AR2010071305028.html

Excerpt-
George Steinbrenner never had to synchronize his bat with a major league fastball, but in death, his timing was impeccable.

By dying this year, the New York Yankees' billionaire owner found the sweet spot in the U.S. tax code, exiting this earthly world during a year in which a congressional stalemate has allowed the estate tax to lapse, potentially saving his heirs hundreds of millions of dollars.

Had he died last year and tried to pass his fortune on to his children or grandchildren, they would have faced a 45 percent tax. Had he lived until next year, the rate would have been 55 percent. But Steinbrenner's death this year, like that of three other known billionaires who have died in 2010, gives his heirs a break.

[teamrican1]

Read the damn article. Or do the research. If they do nothing, then the tax jumps up to 55% at the end of the year. It is a temporary expiration this year. By doing this Kyle is actually helping get the estate tax through at a lower percentage than it was the last bunch of years.

There is plenty to not like John Kyl for. This aint one of em.

Sincerely,

Slutter McGee

But 35%? Nobody is going to look at that as benevolent. If he had opted for 15% maybe he could make that argument. But nobody is going to "thank" him for making the rate that obscenely high.

[MozoVote]

If someone sets up a non profit foundation with their estate, or gives their estate to a non-profit - is it still taxed?

I don't necessarily have a problem with the concept of a tax on true "inhertance". Relatives blow their inheritance so often anyway, and it's really up each individual to secure their own savings.

Life, Liberty, Property. I've told my own parents that I expect nothing. They can give it away for whatever cause they see applicable.