- Oct 7, 2011
- 38,401
- 4,162
- 1,130
What a heart ole Big Brother has huh?
On Jan. 1, 2013, the estate tax is set to climb to as high as 55 percent among the highest in the world economy with the exclusion rate dropping to just $1 million, making 2013 a bad year to die for small businesses owners and the wealthy.
The estate tax often called the death tax had been on the decline due to the Bush tax cuts, even reaching zero in 2010. Since then, it has risen back to 35 percent, with an $5 million exclusion, where it remains today.
As blogged by conservative organization Americans for Tax Reform (ATR), research by the Urban Institute and Brooking Institutions Tax Policy Center says that if the current death tax expires, then the resulting, stricter exemption threshold will force 114,600 estates to file for the tax in 2013 this represents a 13-fold increase from the previous years 8,800 estates, and countless wasted hours filling out tax paperwork. Of that cohort, an unfortunate 52,500 will be liable for the tax, way up from 3,300.
The estate tax has been under assault over the past year. Most recently, a coalition of non-profit groups and conservative Republican lawmakers has pushed for permanently repealing the estate tax and putting politicians of both parties on the record as to whether they support full repeal...
Read more: 'Death tax' increase makes 2013 a very bad year to die | The Daily Caller
On Jan. 1, 2013, the estate tax is set to climb to as high as 55 percent among the highest in the world economy with the exclusion rate dropping to just $1 million, making 2013 a bad year to die for small businesses owners and the wealthy.
The estate tax often called the death tax had been on the decline due to the Bush tax cuts, even reaching zero in 2010. Since then, it has risen back to 35 percent, with an $5 million exclusion, where it remains today.
As blogged by conservative organization Americans for Tax Reform (ATR), research by the Urban Institute and Brooking Institutions Tax Policy Center says that if the current death tax expires, then the resulting, stricter exemption threshold will force 114,600 estates to file for the tax in 2013 this represents a 13-fold increase from the previous years 8,800 estates, and countless wasted hours filling out tax paperwork. Of that cohort, an unfortunate 52,500 will be liable for the tax, way up from 3,300.
The estate tax has been under assault over the past year. Most recently, a coalition of non-profit groups and conservative Republican lawmakers has pushed for permanently repealing the estate tax and putting politicians of both parties on the record as to whether they support full repeal...
Read more: 'Death tax' increase makes 2013 a very bad year to die | The Daily Caller
