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2010, a Good Year to Die (For Your Heirs' Sake)
Jewish World Review ^ | 7/19/10 | Mitch Albom

Posted on 07/19/2010 6:24:18 AM PDT by rhema

The old expression was "What would you do if you had six months to live?"

This year, it's "What would you do if you had six months to die?"

The clock is ticking on free death in America. Last week we saw an amazing example of a good news/sad news scenario.

George Steinbrenner, owner of the Yankees, died of a heart attack at age 80. But by dying in 2010, his family avoided $500 million in estate taxes that it would have paid if he'd hung on another year.

Why? Because the inheritance tax is in exile this year. The rate is zero. Next year it jumps to 55 percent. That's right. From zero to 55 at a stroke of midnight. A Maserati doesn't go that fast.

This is simmering into some uncomfortable scenarios. Sure, in Steinbrenner's case you could say, "It was his time." There's still six months to go.

But what if he took ill in December? What if he were on life support at Christmas? Five hundred million dollars might be a compelling motivator…

You get the drift.

Crazy. Look, I have said this before. The estate tax is blatantly unfair and, in my mind, indefensible. I have heard all the arguments for it. They go like this:

1. If you allow wealth to stay with the wealthy, you're perpetuating a class system.

Nonsense. This isn't England in the 1500s. You can get rich many ways in this country. Besides, you're not giving your wealth to the poor with estate taxes; you're giving it to the government. What class are we perpetuating there?

(Excerpt) Read more at jewishworldreview.com ...


TOPICS: Business/Economy; Culture/Society; Editorial; Government
KEYWORDS: estatetax; taxes
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To: napscoordinator

Guess I should have checked before opening my mouth. ;-)
Don’t know where I came up with that.


21 posted on 07/19/2010 8:31:05 AM PDT by KansasGirl
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To: KansasGirl

No biggie.....You are only 3,784,828 behind me now on this type of thing. lol.

Before today you were 3,784,829) :)


22 posted on 07/19/2010 8:34:10 AM PDT by napscoordinator
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To: rhema
US taxpayers soon to taste the bitter fruit of Obamacare By: Floyd and Mary Beth Brown July 19, 2010

Get ready for your life to change. The so-called benefits of Obamacare don’t start until 2014, but the tax increases, misallocated resources and federal regulations start now. House Speaker Nancy Pelosi famously said the night of Obamacare’s passage, “We have to pass the bill so that you can find out what is in it.” The emerging picture is frightening.

Obamacare dramatically alters the already overregulated health insurance market. The law creates a maze of mandates, federal directives, price controls, tax increases and subsidies.

We all begin paying Obamacare taxes this year. The law includes at last count at least 19 new taxes. As Americans begin to reap the personal financial burden of Obamacare, the movement to repeal it is mounting.

Individuals must pay an annual penalty of $695, or up to 2.5 percent of their annual income, if they don’t purchase an approved health insurance plan. Penalties on families include an annual penalty of $347 per child, up to $2,250 per family, if parents don’t purchase an approved policy.

Most of us have heard about the penalties on employers. Business owners must buy a government-approved health plan or pay a penalty of $2,000 per employee if they have 50 employees or more.

Medicare taxes are climbing, too. The bill requires single people earning $200,000 or more and couples earning $250,000 or more to pay an additional 0.9 percent in Medicare taxes.

Thinking about downsizing or buying a new home? There are new taxes on home sales tacked on the bill. Obamacare imposes a 3.8 percent tax on home sales and other real estate transactions........

Read more at the San Francisco Examiner: http://www.sfexaminer.com/opinion/columns/oped_contributors/US-taxpayers-soon-to-taste-the-bitter-fruit-of-Obamacare--98715324.html#ixzz0u8uGMn00

23 posted on 07/19/2010 8:37:01 AM PDT by KeyLargo
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To: napscoordinator

Here tou go. Guess this is where I came up with it.

http://www.taxfoundation.org/blog/show/1412.html

How do you make a gift to reduce debt held by the public?

If you wish to do so, make a check payable to “Bureau of the Public Debt.” You can send it to: Bureau of the Public Debt, Department G, P.O. Box 2188, Parkersburg, WV 26106-2188. Or you can enclose the check with your income tax return when you file.

Tip: You may be able to deduct this gift on your tax return.


24 posted on 07/19/2010 8:45:16 AM PDT by KansasGirl
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To: KansasGirl

Thanks again....dang now I am even worse off again with regards to my numbers...lol.

Reading your post makes me question whether to allow funds to go to this place. For some reason I don’t trust it....lol. It must be that it sounds too government...ROTFLMAO.


25 posted on 07/19/2010 8:52:27 AM PDT by napscoordinator
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To: napscoordinator

Probably goes to re-elect incumbents!


26 posted on 07/19/2010 9:01:21 AM PDT by KansasGirl
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To: napscoordinator
39 years and 9 months is not 40 years is it? For someone who is conservative you don’t sound it in your post.

This coming from someone who thinks an improvement is to allow the government to confiscate my mony for 40 years, and then let me have a little bit of it back at if I manage to go the full 40 years? What exactly is your idea of conservatism if you think it is the government's money in the first place?

27 posted on 07/19/2010 10:24:32 AM PDT by VRWCmember
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To: VRWCmember

Actually you work more than 40 years to get that money. 40 years is only 18-58 or 22-62 in you attend college. You can’t collect until 66 today and 67 soon and after that they are talking 70 so I don’t see the difference except for those that work 10 years and wait until they can collect or the kids who get SS because their parent passed away....what does that have to do with SS.


28 posted on 07/19/2010 10:43:58 AM PDT by napscoordinator
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To: napscoordinator

I guess it comes down to a difference in philosophy regarding to whom the money belongs. I believe it is my money that was withheld from my paycheck. You seem to be arguing that it is the government’s money for the government to decide if and when I get my money back.


29 posted on 07/19/2010 11:49:01 AM PDT by VRWCmember
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To: VRWCmember

That is a good point...I forget about the government part in all of this. The only thing is that after five or six years of getting SS. You typically get all your money back (supposedly).


30 posted on 07/19/2010 3:23:39 PM PDT by napscoordinator
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