dreamdancer 0 #1 June 25, 2010 the fairest of the taxes... QuoteSenate progressives have just introduced an estate tax reform with some spine. The Responsible Estate Tax Act proposes graduated rates on larger estates, closes loopholes, exempts farms and small businesses, and encourages conservation easements. It imposes a "billionaire surcharge" rate of 65 percent on estates over $500,000. Led by Senators Sherrod Brown (D-OH), Tom Harkin (D-IA) Bernard Sanders (I-VT), and Sheldon Whitehouse (D-RI), this progressive estate tax would raise at least $264 billon over ten years. "At a time when we have a record-breaking $13 trillion national debt and a growing gap between the very rich and everyone else, people who inherit multi-million and billion dollar estates must not be allowed to avoid paying their fair share in estate taxes," said Senator Sanders in a prepared statement. The politics within the Democrats on the estate tax are bizarre. In 2009, thanks to Senate inaction, the federal estate tax expired on January 1, 2010. In March, a Texas oilman became the first billionaire in U.S. history to die without any estate tax in place, costing the treasury billions. The good news is that on January 1, 2011, the estate tax returns at its year 2000 level -- with a wealth exemption of $1 million and 55 percent rate. http://www.commondreams.org/view/2010/06/24-9stay away from moving propellers - they bite blue skies from thai sky adventures good solid response-provoking keyboarding Quote Share this post Link to post Share on other sites
rushmc 18 #2 June 25, 2010 Hmmm So Harkin is involved with this one. Good. First off because 500k does not get you much of a farm. And becasue this is true it will make it more difficult for families to pass on the land they work so hard to buy. Because this is very important here in Iowa Mr Harkin may have finally given us the last straw to thow his ass out of the office. Oh, and rasing taxes will not cut the debt. Cutting spending on the other hand will. Until that happens no tax increases (at least those increases that will not kill the economy) will cover what our gov thinks it needs to spend I do know that what I list above is no issue for you. You want gov redistribution of wealth dont you! I say earn it yourself But that will not happen either will it "America will never be destroyed from the outside, if we falter and lose our freedoms, it will be because we destroyed ourselves." Abraham Lincoln Quote Share this post Link to post Share on other sites
VTmotoMike08 0 #3 June 25, 2010 >>It imposes a "billionaire surcharge" rate of 65 percent on estates over $500,000. Sounds like someone failed math! Good to know that if I make a half million dollars, the government thinks that makes me a billionaire?! Quote Share this post Link to post Share on other sites
metalslug 31 #4 June 25, 2010 What does "estate" refer to in this context? Is it limited to property only or the entire monetary value (including trust accounts) of everything inherited? If you inherit property only and no money to pay the resulting tax, then what happens? Do you get nothing? ...or do you get the property with a condition that you sell off some/all of it to cover the taxes? QuoteIn March, a Texas oilman became the first billionaire in U.S. history to die without any estate tax in place, costing the treasury billions. How did this 'cost' the treasury? Did they have to pay something out? ...or were they just denied their second slice of the pie? (since they almost certainly got their first slice when the land was originally purchased) Quote Share this post Link to post Share on other sites
Lucky... 0 #5 June 25, 2010 Quote>>It imposes a "billionaire surcharge" rate of 65 percent on estates over $500,000. Sounds like someone failed math! Good to know that if I make a half million dollars, the government thinks that makes me a billionaire?! That rate is still below what it was pre-Reagan for income tax, quit acting as if that tax is high. Quote Share this post Link to post Share on other sites
Gawain 0 #6 June 25, 2010 QuoteQuote>>It imposes a "billionaire surcharge" rate of 65 percent on estates over $500,000. Sounds like someone failed math! Good to know that if I make a half million dollars, the government thinks that makes me a billionaire?! That rate is still below what it was pre-Reagan for income tax, quit acting as if that tax is high. How about the small fact that all that money has already been taxed, at least once. Given the growth of highly affluent estates, much of it taxed three or four times. The whole estate tax should be abolished.So I try and I scream and I beg and I sigh Just to prove I'm alive, and it's alright 'Cause tonight there's a way I'll make light of my treacherous life Make light! Quote Share this post Link to post Share on other sites
JohnRich 4 #7 June 25, 2010 QuoteIn March, a Texas oilman became the first billionaire in U.S. history to die without any estate tax in place, costing the treasury billions. Isn't it funny how dying with your own money is somehow "costing the government"? Perhaps if we all died flat broke that would save the government money! This is a sign that the government is out of control on the issue of estate taxes, and has come to see having their hand in our dead relatives pockets, stealing from the grave, as their "right". There should be NO estate tax. Quote Share this post Link to post Share on other sites
DrewEckhardt 0 #8 June 25, 2010 QuoteWhat does "estate" refer to in this context? Is it limited to property only or the entire monetary value (including trust accounts) of everything inherited? Everything. Quote If you inherit property only and no money to pay the resulting tax, then what happens? The property needs to be sold or mortgaged to pay the tax. Quote Share this post Link to post Share on other sites
champu 1 #9 June 25, 2010 Quote>>It imposes a "billionaire surcharge" rate of 65 percent on estates over $500,000. Sounds like someone failed math! Good to know that if I make a half million dollars, the government thinks that makes me a billionaire?! QuoteQuoteIn March, a Texas oilman became the first billionaire in U.S. history to die without any estate tax in place, costing the treasury billions. How did this 'cost' the treasury? QuoteIsn't it funny how dying with your own money is somehow costing the government? Perhaps if we all died flat broke that would save the government money! This is a sign that the government is out of control on the issue of estate taxes The article was written by Chuck Collins so it's going to sound like if we aren't where he wants us to be it's time (and [government] money) wasted getting there. It's hard when you've inherited so much money that you don't know what to do with yourself so, for lack of any creativity or business sense, you make it your life's mission to promote wealth redistribution. presumptuous article language aside... - If the proposed bill does exempt farms and small businesses, it could be better for those folks than doing nothing and waiting for the old estate tax to be reinstated... just sayin'. - This is a good demonstration of tax increases not being our biggest problem. Even if the government took everything (ballpark: $264B / 65% = $400B / 10 = $40B/yr) as part of an estate tax we still need to axe $100Bs of lawmakers' pet projects (yes BOTH military AND social projects) to get the deficit under control. (note: this is not an argument that taking nothing is what's best for the country right now.) Quote Share this post Link to post Share on other sites
turtlespeed 212 #10 June 25, 2010 Quote>>It imposes a "billionaire surcharge" rate of 65 percent on estates over $500,000. Sounds like someone failed math! Good to know that if I make a half million dollars, the government thinks that makes me a billionaire?! That is only THIS admionistration. Others have math skills like - If you spend more money on stuff you have less money to spend, regardless of how much you wish you could spend.I'm not usually into the whole 3-way thing, but you got me a little excited with that. - Skymama BTR #1 / OTB^5 Official #2 / Hellfish #408 / VSCR #108/Tortuga/Orfun Quote Share this post Link to post Share on other sites
