Posted on 07/14/2010 11:51:41 AM PDT by SeekAndFind
Two senators, a Democrat and a Republican, have reintroduced a proposal to reinstate the estate tax, which lapsed this year amid a row among lawmakers over taxing the wealthy when they die.
Democratic Senator Blanche Lincoln and Republican Senator Jon Kyl late on Tuesday reintroduced a plan to tax estates over $5 million at a rate of 35 percent. The estate tax that expired last year had taxed estates at a rate of 45 percent, above an exemption of $3.5 million for individuals and above $7 million for couples.
There is no estate tax in 2010 because lawmakers last year failed to reach a deal to extend the tax. The House of Representatives last year had passed an extension of the 2009 rates, but senators clashed over the level of the tax.
Without action, under current law the tax will rise to 55 percent
(Excerpt) Read more at reuters.com ...
What's wrong with Kyl proposing to eliminate the estate tax permanently?
Blanche Lambert Lincoln and family received around $715,000 in farm subsidies over a ten year period. She voted against putting a cap on the federal money.
As usual, she is for taking the people’s money until she is required to pay. ;0)
Light up kyl phone and ax why are Repubs raising taxes?
Phone: (202) 224-4521.
Pray for America
Trusts are a good answer, except you do not want to try rolling a regular IRA or a 401K into a trust. It’s my understanding that you have to cash out, pay the onerous taxes, and then find some instrument the trust can include.
Anyone have further info?
PS: If I were a farmer or small-business owner I’d be looking for a good estate attorney right now!
At least that's what I HOPE he's saying.
Although at 55% 0bama won't be able to blame half of his current problems on Bush.
Sounds fine...if you don't plan to die before 2013. It's not nice trifle with peoples wealth, dead or alive.
He needs to be defeated regardless!
I agree. The really wealthy have ways around the estate tax with overseas trusts and foundations paying the kids and grandkids a salary. But the middle-wealthy have no such loopholes. A 5 million dollar exemption would really help those with middling wealthy relatives (like me) have some money to use for retirement when the elders die. Otherwise, people like me are out a lot of money. Better half a loaf than none at all.
98 propose letting it lapse. The ‘Pubbies couldn’t/wouldn’t get it done when they had the chance and Hairy Reed will not let it come to the floor for a vote. This is symbolism over substance.
Hmm maybe Jane Fonda, Ted Turner, Ophara, Chris Mathews should give this some thought,,,,the tax should be Constitionaly barred actually.
So, what are you saying - that you WANT the estate tax to come back?? The estate tax is one of the taxes that Bush cut as part of his package of tax cuts that got the economy rolling again after the Clinton recession.
To date, the Senate has refused to either extend the Bush tax cuts or even make them permanent, so what exactly is the point you are trying to make?? What these two are proposing is better than what is due to occur.
Call it cynicism, but I suspect both Senators are trying to protect personal inheritances. By elevating the floor to a higher amount, i.e.,$1 million to $5 million could mean a lot to both of them I suspect.
Lincoln is like Beelzebub....she acts in haste to inflict as much damage as possible, knowing that she has but a short time remaining in power.............
I want it eliminated and replaced with nothing.
Since that's not going to happen, what Kyl and Lincoln are proposing will soften the blow a bit.
I'm saying nothing of the kind. I'm stating a fact. The 'Pubbies that everyone here thinks are going to save them did NOTHING to make the Bush tax cuts permanent when they had control of all 3 branches of government AND the opportunity to do so. What makes you think they are going to do anything now as the spineless minority party??? On 1/1/2011, the Bush tax cuts will expire and reintroduce taxes equal to ~$45 Billion. Even IF they regain control of the House and MAYBE the Senate, I sincerely DOUBT that they will do anything!! Where was all of this outrage over this issue YEARS ago when it might have made a difference??
We're hosed and what Kyl and Lincoln are trying to do is soften the blow!!
Why not propose 0%, Kyl?? Afraid of no longer being invited to the “right” DC cocktail parties?
Those who have been bad-mouthing Kyl on his proposal need to consider the alternative.
Namely, death taxes go to 55% in 2011 unless something is done in 2010.
If the Republicans win a majority in 2010, they will not have the votes to override an Obama veto of any death tax law done in 2011.
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