Posted on 06/05/2006 7:47:37 AM PDT by 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.
(Excerpt) Read more at washingtonpost.com ...
bttt...
Doubt it.
The death tax doesn't affect the limousine liberals/RINOs (who can protect their fortunes in various tax shelter schemes), so why bother? In fact, they'll do everything within their power to keep middle and upper-middle income families from progressing into their financial territory.
"The death tax doesn't affect the limousine liberals/RINOs (who can protect their fortunes in various tax shelter schemes"
interesting that you pointed that out,
did you know, if memory serves, the Kennedy Klan paid only 500K in taxes on a FIFTY MILLION DOLLAR TRUST last year!
and these clowns have the unmitigaged gall to say "we" don't pay our "fair share!"
Why just look at what the Cheneys alone donated to charity last year; much less how much they paid in taxes!!!
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.
Tell me about it. We paid $350K this year in estate taxes. Our kids could have used that money for college tuition and to pay down payments on homes. But no, the gov. took it. Makes me SICK!
An estate tax return for a U.S. citizen or resident needs to be filed only if the gross estate exceeds the applicable exclusion amount, listed below.
| Applicable Exclusion Amounts | |
|---|---|
| Year |
Exclusion Amount |
| 2003 |
$1,000,000 |
| 2004 and 2005 |
$1,500,000 |
| 2006, 2007, and 2008 |
$2,000,000 |
| 2009 |
$3,500,000 |
Fixed it...
It's criminal. .....and it's long past time to vote the criminals out of office.
The answer to this problem is to not report the death of the loved one. If they can't sort out who is legal or illegal, how in the hell do they know if they are alive or dead? Shoosh! Screw the IRS and BS rules the socialist gave us. Move the money and sell the SSN to the next mexican you meet. If things go bad claim identify fraud.
"This is one of the IRS's most painfull taxes..."I agree.It's a big ripoff.Families like the Kennedy's,Kerry's,etc,etc..set up elaborate trust funds to avoid the tax.As usual the burden is on the middle and upper middle classes.
Patty Murray has, in the past, been AGAINST the Estate Tax.....we all need to contact our Reps on this....plus SIGN the petitions for the Repeal of the Estate Tax in Washington State (I'm working on that campaign.)
I think funeral companies HAVE to have a DEATH certificate...
YEAH, what YOU said....it's them protecting their DYNASTIES!!!
SSA does a good job of keeping track of those who leave us. I believe funeral directors are required by law to inform the SSA when they get a new customer.
click for more
(Please FReepmail if you want on, or off, this list. I certainly have no desire to increase anyone’s stress-level. Thanks!!!)
Any chance of getting you to expand that table...
...to include 2010 and 2011?
Instead, the general income tax cut should be made permanent -- after being altered. Instead of a rate cut (which favors Al Franken, Babs Striesand, George Soros, and other rich POSes), 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. And guarantees a conservative majority in Congress and the White House for the foreseeable.
Since (according to Rush), the richest pay 94 per cent of all income taxes, receipts would fall a mere 6 per cent or so -- not taking into account the Laffer Curve / the stimulation of the economy which would result.
And longer term, retail excise taxes on gasoline should be eliminated, replaced with a $10 (or more) per barrel tax on petroleum imports AND exports. This would build in a permanent cushion favoring domestic production and discouraging exporting our own reserves.
And while they're writing the bill, a rider to build a double fence the length of our border with Mexico should be included. :')
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