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Key House lawmaker reveals estate tax plan
AP on Yahoo ^ | 6/19/06 | Mary Dalrymple - ap

Posted on 06/19/2006 10:52:16 PM PDT by NormsRevenge

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1 posted on 06/19/2006 10:52:18 PM PDT by NormsRevenge
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To: NormsRevenge
The death tax should be abolished. But in the meantime, a 15% tax is better than one that takes 55% of a family's estate's assets. Hopefully, it can be fully abolished next year, presuming the GOP keeps control of Congress.

(Denny Crane: "Every one should carry a gun strapped to their waist. We need more - not less guns.")

2 posted on 06/19/2006 11:01:59 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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To: goldstategop

I don't mind abolishing it after they pay off the national debt that is owed by the people who are passing away.

As conservatives we should want to pay off our debt.

So IMO we should leave it with the direction of most all the income going to our debt.

The big hurdle would be to get politicians forbidden from accessing the assets away from debt repayment.

Once that is done, abolish it. Don't leave the debt to grand kids, that would be pathetic of us.


3 posted on 06/19/2006 11:06:07 PM PDT by A CA Guy (God Bless America, God bless and keep safe our fighting men and women.)
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To: A CA Guy

PS, I know the post above this will not be popular, because it is much easier to take the easy money than it is to be responsible for ourselves.


4 posted on 06/19/2006 11:07:55 PM PDT by A CA Guy (God Bless America, God bless and keep safe our fighting men and women.)
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To: NormsRevenge
Bush's law abolishes the tax in 2010. But that temporary law expires a year later, and the estate tax reappears.

How many people are going to die of "unknown" causes in December of 2010?

5 posted on 06/19/2006 11:26:13 PM PDT by coconutt2000 (NO MORE PEACE FOR OIL!!! DOWN WITH TYRANTS, TERRORISTS, AND TIMIDCRATS!!!! (3-T's For World Peace))
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To: A CA Guy

Seems we have been through this discussion before. Still hung up on the national debt I see.


6 posted on 06/19/2006 11:30:43 PM PDT by Laserman
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To: Laserman
We will always have debt. There's no getting around it... there are things we need to have. A debt-free society is a myth.

(Denny Crane: "Every one should carry a gun strapped to their waist. We need more - not less guns.")

7 posted on 06/19/2006 11:34:27 PM PDT by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives On In My Heart Forever)
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To: A CA Guy

If you confiscated all the assets of everyone over 10 million and applied it to the national debt it wouldn't make a dent in it.

Eliminate the unconstitutional social federal programs and the debt is gone in a few years.

Elect a congress that is fiscally responsible!


8 posted on 06/19/2006 11:40:10 PM PDT by dalereed
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To: NormsRevenge

The feculent death tax is still in place, and much more of a burden than most people realize.

A friend of mine died eight months ago, thinking that his lawyers had made the best possible arrangements to minimize the death tax and to provide for a smooth transfer of his assets to the family.

Since a few of his most recent acquisitions were not specifically listed in the trust, the Fed. used them as an opening to pry into everything, the estate is still in probate.

His kids are not starving, they are successful in their own right.
But dragging the estate through the hands of lawyers and the Fed for month's is draining away ever more of the original amount, his widow is in poor health, so the Fed. will likely hit the jack-pot again in a short time.


9 posted on 06/19/2006 11:58:20 PM PDT by Richard-SIA ("The natural progress of things is for government to gain ground and for liberty to yield" JEFFERSON)
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To: dalereed
I agree, but there will not be a ten million dollars deduction.
I think they will not get an elimination of this at all.

Over the next 30 years we are going to see about a third of the nations personal wealth pass to others.
Could be there might be taxes to be collected in that.

If that does happen, I want it to go toward the past debt, not to new spending.
10 posted on 06/20/2006 12:18:59 AM PDT by A CA Guy (God Bless America, God bless and keep safe our fighting men and women.)
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To: A CA Guy

You're nothing but a socialist!

Government (you) aren't entitled to one cent of anyones estate.


11 posted on 06/20/2006 1:32:46 AM PDT by dalereed
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To: Richard-SIA

I couldn't agree more. The worst case I've heard of was with a farmer who had not made much money, but had a large amount of farm land. He had not planned for the estate tax at all, because he was never cash rich. When he died, it bankrupted the sons he left the land to because they had to sell a third of the property to pay the tax. It's bad law designed to punish people for achieving the American dream!


12 posted on 06/20/2006 3:43:19 AM PDT by crghill
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To: crghill

The Republicans should play hardball. Tell the Dems they agree with the estate tax, and that is why they are going to get rid of the trust laws and any other law that allows a family to not pay estate tax. Make it retroactive so all trust are null and void.

Lets see if the Dems really believe in the estate tax.


13 posted on 06/20/2006 7:07:38 AM PDT by art_rocks
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To: A CA Guy
Why not just abolish the estate tax right now since it is unfair in many cases and actually unneeded in all. It would be far easier, cheaper, fairer, and simpler to collect any necessary taxes via the FairTax.

It's time for the FairTax!!!

14 posted on 06/20/2006 2:52:22 PM PDT by pigdog
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To: dalereed

The words congress and fiscally responsible when used together are a serious contradiction in terms.


15 posted on 06/20/2006 2:54:36 PM PDT by pigdog
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To: art_rocks

Not a good strategy! Perhaps you haven't read the story of how we came to "get" the income tax in 1913.


16 posted on 06/20/2006 2:57:22 PM PDT by pigdog
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To: pigdog
There is a national debt that has been growing. When you die, if a portion of your estate goes to paying off part of the debt (which belongs to us all), that would be the best. Then you remove it altogether.

I don't think it is ethical, classy or very conservative to avoid a bill and to then pass it on to the generation of our grandchildren. IMO if we do that, they should curse our memory.
17 posted on 06/20/2006 3:34:20 PM PDT by A CA Guy (God Bless America, God bless and keep safe our fighting men and women.)
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To: pigdog

I agree that there should be some fair tax where everyone pays something.
Where maybe it is attached to the purchase of new goods except for food.


18 posted on 06/20/2006 3:36:15 PM PDT by A CA Guy (God Bless America, God bless and keep safe our fighting men and women.)
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To: A CA Guy
You should read some of the material on the FairTax website.

There's lots of helpful information there on many, many different topics. Check the FAQs and Rebuttals for example. the mechanism it offers will eliminate the gift, estate, and income taxes and provide a very simple and cost-effective method of raising the revenue required, It also has a feature called the prebate which ensures that no one pays an effective tax rate for things up to the poverty level.

19 posted on 06/20/2006 3:48:08 PM PDT by pigdog
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To: pigdog
OK, thanks.

I do think even a token tax should be paid by people who make little, because if they get money for nothing or don't pay anything, then they lose the concept of taxes not being originally the property of the government.
20 posted on 06/20/2006 3:56:28 PM PDT by A CA Guy (God Bless America, God bless and keep safe our fighting men and women.)
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