(Denny Crane: "Sometimes you can only look for answers from God and failing that... and Fox News".)
Death to the death tax bump.
When you think about it, the estate tax is the confluence of life's two certainties.
Every time I hear a report or read an article on the estate tax, I wonder how many family farms and businesses have been destroyed by it. The liberals like to think it only hurts the rich but it also steals from those that die cash poor but property rich when the survivors need to sell the business to cover the tax bill.
If the government eliminates the death tax, how can it afford all it does for us after we're dead?
Nations without an estate taxDo the people of most of those nations even have estates to tax?
Why would we want to be like any of them? Why not show the states that have no estate tax instead?
I'm not in favor of estate taxes but at least show some countries who have no estate tax that are better off than us...Otherwise what's the point?
If you would like to be added to this ping list let me know.
John Linder in the House(HR25) & Saxby Chambliss Senate(S25) offer a comprehensive bill to kill all income and SS/Medicare payroll taxes outright and replace them with with a national retail sales tax administered by the states.
H.R.25,S.25
A bill to promote freedom, fairness, and economic opportunity by repealing the income tax and other taxes, abolishing the Internal Revenue Service, and enacting a national retail sales tax to be administered primarily by the States.Refer for additional information:
One thing you haven't addressed is if the "Death" tax is repealed, so will the step-up in basis that heirs receive on inherited property. For example, if you and your sister inherit your parent's residence in which they have a $100,000 basis, and it is worth $500,000 you and your sister will have a $400,000 capital gain to share.
Under current law, there would be no capital gain to the heirs if the property were sold for the FMV at the date of death.
Uncle Sam giveth, and Uncle Sam taketh away.