Posted on 11/18/2012 6:59:19 AM PST by SeekAndFind
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:
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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 the kind of person they rarely mention. He doesn't own a mansion. He's not the CEO of a multi-national. But because of his line of work, he owns a lot of property that would be subject to a lot of tax.
"Our number one goal is to repeal the estate tax, to get rid of it, not have it for every generation, when I die and my kids die and so on," he told Fox News. "For everyone to have to re-purchase the ranch or farm over and over for each generation, that's inherently unjust. So what we're doing is asking our politicians to understand that and repeal the estate tax."
That, however, is unlikely. Currently, the federal government taxes estates worth $5 million dollars and up at 35 percent. When the Bush-era tax rates expire in January, rates increase to 55 percent on estates of $1 million or more. While some Republicans want to eliminate the death tax entirely, President Obama has proposed a 45 percent rate on estates of $3.5 million and up.
(Excerpt) Read more at americanthinker.com ...
“The smart rich don’t pay these taxes. Blind trusts and other instruments keep that from happening.”
Oh, yes, they do pay those taxes even with several excellent tax attorneys.
The government beaurocrats work full time making sure there are very few loopholes left for you to figure out a way to allow your family to keep any of your estate.
I have worked on three large estates in the last couple of years and it is sickening at what these hard working people have to sell to pay taxes to the damn government to waste. Worked their asses off all their lives and lived very frugal lives unlike the damned government. One estate will be selling assets of over $20 million to pay the extortionist Fed. government.
That $20 million COULD have been used to hire more people. Now, it will MAYBE pay for one of Moochelle’s overseas trips.
They had excellent tax attorneys but there is only so much they can do within the law. And believe me it was a complicated mess just to be able to keep what they were allowed to keep.
And unless you are Warren Buffett or Bill Gates a family foundation will be ripe for an audit.
it’s a tax on things already taxed., and in many cases , have been paying taxes all along, like family businesses.
In order to speak about the death tax one must also talk about the gift tax. Transferring money to people starts that calculator running.
$20 mill??? That sucks. In some siutations there isn’t the ability to discount that money, such as one time selling of a business, but usually if a person/family is willing to let go of some of the control over monies/property the taxes can be spared.
The best part?
The IRS does the assessment of the value of ranches, farms, etc.
The heirs have just 90 days to pay the taxes or the IRS liens the property...no delays.
Yes, $20 million. It was an unexpected death but the family still had excellent tax palnning in place. There is just only so much one can do to avoid the death tax.
I understand the family still has plenty left but it is outrageous for the government to confiscate that much money just because someone died!
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