Death Blow

[bytor2112]

We'll take pro-growth victories wherever we can find them these days, and last week saw a small one in the U.S. Senate, of all places. The Members voted 51-48 to cut permanently the death tax rate to 35% and exempt all estates of less than $10 million per couple ($5 million for a single taxpayer) from any tax. President Obama wants a 45% rate with only a $7 million exemption.

[Just_A_Guy]

This is weird.

Under the current status quo, the exemption amount has been increasing up from its 2001 level of $1 million per person. It maxes out this year at $2 million per person, the estate tax goes away completely in 2010, and in 2011 the tax comes back with an exemption amount equal to 2001 levels. So even Obama's "proposal" (and this is the first I've heard of it) would have been a 75% increase of the Bush-era estate tax cuts.

I'll have to read more about this later. Right now, my head hurts.

[jadams_4040]

We'll take pro-growth victories wherever we can find them these days, and last week saw a small one in the U.S. Senate, of all places. The Members voted 51-48 to cut permanently the death tax rate to 35% and exempt all estates of less than $10 million per couple ($5 million for a single taxpayer) from any tax. President Obama wants a 45% rate with only a $7 million exemption.

With people commiting sucide and killing entire families before they kill themselves because they canott pay for a home any longer nor feed there kids, and make everyday payments for utilities e;t;c....

I reall dont feel for anybody that has to pay 45 % with "ONLY" a 7 million deduction.

[bytor2112]

With people commiting sucide and killing entire families before they kill themselves because they canott pay for a home any longer nor feed there kids, and make everyday payments for utilities e;t;c....

I reall dont feel for anybody that has to pay 45 % with "ONLY" a 7 million deduction.

What does that have to do with the government stealing from U.S> citizens? Please explain why the government should be able to take nearly half of my children and grandchildren's inheritance? Do you think that that money should be used to pay for someone else's mortgage because.........maybe they foolishly entered into a an obligation that they really couldn't afford? That is called redistribution of wealth and rewards poor decisions.

[Elphaba]

What does that have to do with the government stealing from U.S> citizens? Please explain why the government should be able to take nearly half of my children and grandchildren's inheritance? Do you think that that money should be used to pay for someone else's mortgage because.........maybe they foolishly entered into a an obligation that they really couldn't afford? That is called redistribution of wealth and rewards poor decisions.

You're going to have something left to inherit?

I have never seen anyone inherit anything in my entire life.

Maybe a piano, but that's it.

Elphaba

[Elgama]

What does that have to do with the government stealing from U.S> citizens? Please explain why the government should be able to take nearly half of my children and grandchildren's inheritance? Do you think that that money should be used to pay for someone else's mortgage because.........maybe they foolishly entered into a an obligation that they really couldn't afford? That is called redistribution of wealth and rewards poor decisions.

or maybe the person with the 10 million owned the company that entered into obligations they couldn't afford and had the person who may now be made homeless made redundant from their job.

-Charley

[bytor2112]

or maybe the person with the 10 million owned the company that entered into obligations they couldn't afford and had the person who may now be made homeless made redundant from their job.

-Charley

Yet it's still their company and their money isn't? And the person that became redundant, should be thankful that they had employment...at least for a while.

[Dravin]

You're going to have something left to inherit?

I have never seen anyone inherit anything in my entire life.

Maybe a piano, but that's it.

Elphaba

I have, admittedly it wasn't millions, we're talking maybe a couple thousand here or there, sometimes things like books, cars and houses. Most people don't have a problem with son or daughter being willed the house they grew up with and Dad's old beloved Dodge Dart so for most people it seems to be a question of just how much of Daddy's wealth do you get to keep, not a question of should you be able to keep some of it.

Interestingly enough people tend to react differently to people to receive say a $200K (or much higher in some places) house compared to a straight up check of $200K.