Night of the Living Death Tax

Night of the Living Death Tax

online.wsj.com

Lawrence Summers, President Obama's chief economic adviser, declared recently that "Let's be very clear: There are no, no tax increases this year. There are no, no tax increases next year." Oh yes, yes, there are. The President's budget calls for the largest increase in the death tax in U.S. history in 2010.

The announcement of this tax increase is buried in footnote 1 on page 127 of the President's budget. That note reads: "The estate tax is maintained at its 2009 parameters." This means the death tax won't fall to zero next year as scheduled under current law, but estates will be taxed instead at up to 45%, with an exemption level of $3.5 million (or $7 million for a couple). Better not plan on dying next year after all.

(visit the link for the full news article)

MR Sneaky is at it again, while this tax doesn't affect most of the citizens, I have a hard time seeing how this tax was ever allowed the first place, it is unfair to tax us when we earn income, then tax the items we buy and if you are fortunate enough to build up a decent amount of assets, tax you again as you are laid to rest.

Gotta love America

online.wsj.com
(visit the link for the full news article)

Originally posted by JacKatMtn

Night of the Living Death Tax

online.wsj.com

Lawrence Summers, President Obama's chief economic adviser, declared recently that "Let's be very clear: There are no, no tax increases this year. There are no, no tax increases next year." Oh yes, yes, there are. The President's budget calls for the largest increase in the death tax in U.S. history in 2010.

(visit the link for the full news article)

JackatMtn,

Don't you remember George Bush Sr.

Read my lipps....

Since that day I take politicians promises for what they are. BS.

They promise income tax cuts, and they rise school fees, healthare, tax on gas, cigarettes, sale taxes, Highways, etc....

Then they give themself credit for having accomplish their promises.... they are so proud of having succeded of lowering taxes, they will ask you to be reelected.

And the MSM will acknowledge, won't be scandalised, and push for the candidate.

I feel like being in a Kafka novel.

When a politician solemly say: Jobs, Jobs, Jobs.

Be sure unployment will raise 5 % in the next year.

When they make commitements over tax cuts, government income will rise 3 time inflation rates.

Same for a balanced budget, at the end of their term. Deficit will have increase, national debt exploded.

I fear Government priorities.......

It is the same all over the globe, everywhere, same promises, same politicians.

The fact is, they care for themself and friends, and they have the power for 4 or 5 years, for they have to trick you for 1 day ( election vote).

If we had less politicians we'd have less taxes.

Just sayin'.

Nothing ticks me off more than Death Taxes. Is nothing sacred?

I wish I could just have myself buried in the backyard when I die, but that's ILLEGAL. bah.

reply to post by dragonking76


It's not illegal in New Hampshire. Although last year they passed a law about discarding remains down a storm drain so if you wanted to be liquefied and dumped in the gutter you're out of luck in NH.

How many of you on this site have an estate worth 3.5 million or are likely to inherit an estate worth that much or more?

I agree 100% that there should be no such thing as a death tax, but in reality this tax will effect very few of us. And for those who it does affect, I am sure that there many loopholes to reduce one's death tax.

Originally posted by jam321 in reality this tax will effect very few of us.

Liberty for all?

Ignoring oppression or otherwise criminal act just because it isnt happening to you or isnt happening to the majority isnt a very good position to take.

What if throughout history we got "it's only women who can't vote" "it's only blacks who are enslaved"? Or now we go with "it's only gays who cant marry" "it's only people diagnosed with stress who cant own guns" or if the world looked the other way when it was "only Jews being gassed"?

Liberty for all, man.

I'll give you that there are more common taxation/extortion policies on the books and every last one of them needs to be killed and that harping on a relatively small tax (regarding affected population) such as this 'death tax' by comparison seems pointless but for me a tax is a tax and all are vile, evil, enslaving serf-making things.

Criminal, really.

Note that technically, this is the equivalent to being taxed twice.

Class warfare at its finest.

It just occurred to me, representation is what is supposed to make all of this extortion okay, right? Putting aside for a minute the fact that I havent felt for one moment of my life that I have been properly represented in the office of any taxing entity local, state or fed, who exactly is representing the deceased? Is there some Corpse Caucus or something?

The truly sad part of all this is...when they cannot get it through as a new tax or increased tax...they just call it a "fee" and it goes through. Soon enough these "fees" will far outpace what they are doing to us via the tax rolls....

The old adage "The only certianties in life are death and taxes" has now found new meaning...

this i find pathetic



death should not be taxed

death is sacred (should be sacred at least)

those who die should have the right to do what they want with all of their belongings,

the main reason i think that they get away with death tax, is most people are unaware of it


specially younger people

i am 23 and personally never found out about it until a few years ago from a college math teacher


i bet if you went out on the street and did a little experiment similar to jay lenos "jaywalking"

and asked 20 people about death tax, probably at least 50 percent would have no clue what youre talking about

Something just crossed my mind...

How many baby boomers, possibly rich baby boomers, will die after 2010?

Is this tax increase more strategic than just a paniced reflex to our multiplying national debt problems/national economics?

You can't take it with you. I support the estate tax.

Here's an update on the estate tax issue currently being discussed in Congress.

Fate of Estate Tax Imperils Obama’s Ambitions

The death tax is the issue that simply will not die.

Fifteen years after Republican strategists put Democrats on the defensive by sticking that pejorative label on the federal estate tax, Democrats are still struggling with how to handle the levy on assets left behind — the one that conservatives portray as the Internal Revenue Service reaching beyond the grave.

Studies show that the tax hits merely a sliver of wealthy American families. A proposal by President Obama would leave it at current levels, affecting only estates valued at more than $3.5 million for individuals and $7 million for couples.

But now some Democrats have joined Republicans to call for setting the threshold even higher, in a rebellion that could have important consequences not just for the future of the death tax but also for Mr. Obama’s efforts to pay for his ambitious policy agenda.

It's a good sign that some Democrats are standing up against this unfair hand of the Government pickpocketing the deceased, regardless of their wealth, it is a tax that should be abolished.

Originally posted by jam321
How many of you on this site have an estate worth 3.5 million or are likely to inherit an estate worth that much or more?

I agree 100% that there should be no such thing as a death tax, but in reality this tax will effect very few of us. And for those who it does affect, I am sure that there many loopholes to reduce one's death tax.

This affected my family. My grandparents who paid their taxes every year on time and made a lot of money (yeah that small % tax bracket) and when they died, the amount of taxes our family had to pay for the inheritance was allarming.

Its criminal because its theft.

When my parents die - we (my siblings and I) will have to do the same AGAIN unless this is stopped. So to recap: my mother paid a buttload of taxes on money that had already been taxed. When my mother dies and leaves me that same untouched money, I will be paying taxes on it AGAIN - the SAME MONEY. So the same money is being taxed at least 3 times if not more....only because it changes hands within the same family.



[edit on 4/12/2009 by greeneyedleo]