. . . Or Unfair Burden on Families? (Estate Tax)

The Washington Post ^ | June 5, 2006 | Jeff Sessions

[kellynla]

This week the Senate is expected to vote on permanent repeal of the estate tax. With this vote, Congress will have an opportunity to finish the job it started five years ago.

The estate tax -- or, as many of us prefer to call it, the death tax -- is a tax imposed on the transfer of assets or property from a deceased person to his or her heirs. This is one of the IRS's most painful taxes, as it hits families at the worst possible time, when they are dealing with the death of a loved one.

Congress passed a gradual phaseout of this tax at the urging of President Bush in 2001, and it was scheduled to disappear in 2010. But because of the peculiarities of the lawmaking process, the death tax will return in 2011 -- at the same high rates that existed before -- unless Congress enacts new legislation. In April 2005 the House passed a permanent repeal of the death tax by a vote of 272 to 162. Over a year has passed since; it is time for the Senate to act.

The list of reasons for eliminating the death tax is long. To begin with, this tax punishes thrift and saving. It tells people that it's better to spend freely during their lifetimes than to leave assets for their children and grandchildren, which will be taxed heavily by the federal government.

The death tax hits hardest at heirs of small-business owners and family farmers. In many cases, the heirs cannot afford to pay the tax and are forced to downsize, lay off employees or even sell their business or farm.

[GOP Poet]

I have been waiting for them to get rid of this tax since Bush took office . . . they better darn well get rid of it. If not they can change that big ole' R after their names to a big fat D.

[Seadog Bytes]

RE: "LOL! Where do you get these things?"

Well now...lemme see here...
http://www.seadogbytes.com/RecentSeadog.htm   maybe???   ...LOL!

[Seadog Bytes]

RE: "...it should be a very large increase in the value of the personal exemption, to, say, $20,000 or more. Then everyone still gets a tax cut, and the richest still get more in dollars, but the benefit of the tax cut falls disproportionately on those who make the least."

LOL!   Even if you were able to convince people like me that an even steeper progressive tax system, than we already have, is the 'sensible' thing to do (...which, I must tell you, is by no means a slam dunk...), the minute you got your ideas passed, you'd have all the people who AREN'T PAYING ANY TAXES AT ALL NOW (along with and all the Limo-libs, Kennedy, Kerry, Pelosi, etc., who claim to be supporting them) screaming/whining that *THEY* didn't get any part of your 'tax cuts'. ...and STILL damning you for giving "tax cuts (only) to the rich". Sorry, but some things never change.

...I AGREE with you on the "fence" part though... grin.

[SunkenCiv]

The tax system wouldn't be any steeper. I agree that whining would continue, but it wouldn't be about the income tax. It might be about the 2 per cent federal sales tax (on everything except food and drugs) passed to make the income tax change "revenue neutral".

[whd23]

Why just look at what the Cheneys alone donated to charity last year; much less how much they paid in taxes!!!

Liberal politicians are the stingiest. I recall checking out John Kerry's tax returns during the '04 election. He took an itemized $50 write off for goods donated to charity. It's all legal, but how cheap can you get?

[Seadog Bytes]

So... given the below chart, the rate of inflation, and the endless, increasingly draconian restrictions on home building, and on private property use, by assorted Nanny-Neighbors, the Eco-Idiot crowd and their 'enablers' in government... is there any remaining poor demented soul left out there who REALLY still believes "only the upper 2% of estates" will end up paying the "Widows and Orphans' Tax" after 2010...???

...In your DREAMS!!!
...and remember, that 55% is on AFTER-TAX dollars!

This tax is just WRONG!   Repeal it! ...Call your Senator...TODAY!!!

Federal Estate Tax Exemption Chart

 

Calendar Year		Federal Estate & GST Tax Exemption		Highest Federal Estate & GST Tax Rates
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011		$1,000,000 * $1,000,000 * $1,500,000 $1,500,000 $2,000,000 $2,000,000 $2,000,000 $3,500,000 Unlimited $1,000,000 *		50% 49% 48% 47% 46% 45% 45% 45% N/A 55%

[mtbopfuyn]

One hammer strike on the stake from me!

[mtbopfuyn]

LOL, if only!

[Smartass]

Thanks for the PING Seadog Bytes...
Once the government gets their grubby hands on tax
monies, they never let go.

 

[Smartass]

Thanks for the PING SeaDog Bytes...
Estate Tax...

 

[Alamo-Girl]

Thanks for the ping!

[Seadog Bytes]

=:- )

...Did you see this one?
http://www.freerepublic.com/focus/f-bloggers/1644524/posts

[Seadog Bytes]

...smiling

[Seadog Bytes]

[rhema]

[marblehead17]

ping

[SGCOS]

In my limited research, I have yet to find a {logical, reasonable} explanation for the "death tax"