Federal "Death Tax" Affects 5,500 Estates

Discussion in 'Economy' started by Toro, Oct 31, 2009.

  1. Toro
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    Toro Diamond Member

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    Out of about 2.5 million Americans who die every year, 5,500 estates will pay the federal estate tax, though more will pay a state estate tax. That is 2.2 estates out of every 1,000 who die.

    State Death Taxes Are the Latest Worry - WSJ.com
     
  2. The Rabbi
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    The Rabbi Diamond Member

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    My recollection is that this monster comes back with a vengeance in the next few years.
    It is an utterly stupid tax based on class envy more than anything else. I would bet that the tax costs far more in collection and inefficiences than it generates.
     
  3. Zander
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    Zander Platinum Member

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    Do you have a point? Or are you just posting for informational purposes?
     
  4. jillian
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    jillian Princess Supporting Member

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    Actually, the INHERITANCE tax was something your beloved founders wanted.

    I think the point at which people start to pay estate taxes, is not inappropriate or overly burdensome. And the people who keep screaming about the estate tax are something like 7 families including the Forbes and Hilton families. I'm not going to feel sorry for Paris Hilton if she has to pay a few dollars in taxes.

    And if you look at the OP, it's only 2.2 out of every 1,000 estates that isn't exempt.

    I'm ok with that.
     
  5. jillian
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    jillian Princess Supporting Member

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    the subject offend you?

    or would you have been more comfortable had he created another "I hate Obama" thread? :eusa_eh:
     
  6. Polk
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    Polk Classic

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    Also, as a matter of interest, while the GOP claims it's about protecting family farms, only about 140 family farms per year will pay at the current rate. The reason the tax comes back in 2011 is because they refused to cut a deal with Democrats to make permanent changes (the Democrats were willing to raise the exemption up to 100 million). In fact, they care so much about making a point over it that they're opposing an Obama proposal to permanently set the deduction at 3.5 million and the rate at 45 percent (without any change, the estate tax will be repealed next year and the deduction will reset to one million at a 55 percent rate in 2011).
     
  7. JakeStarkey
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    JakeStarkey Diamond Member Supporting Member

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    The GOP has to learn that it lost the last election, and apparently it is determined to lose the next election. A populist revolt across the country continues to grow as tens of millions of Americans say "No more to you, Mr. and Ms. GOP, with your shady unregulated corporatism and unsavory overseas expeditions!"
     
  8. The Rabbi
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    The Rabbi Diamond Member

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    I'm glad you are OK with taking money from other people. Your kind always is.
    I am more concerned with the net effects of this tax. Yes, there are a small number directly affected. But how many are indirectly affected? How many people employed lawyers and accountants simply to devise ways around the tax? How efficient is that? How does that contribute to anything?

    Like I said in the my first post, the tax is simply the result of class envy.
     
  9. Toro
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    Toro Diamond Member

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    Informational purposes.
     
  10. Oddball
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    Oddball BANNED Supporting Member

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    Don't get me wrong, some of my best friends are rich........

    BTW......FIXED THE THREAD TITLE.
    ;)
     

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