Federal "Death Tax" Affects 5,500 Estates

[Toro]

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.

This year, the federal exemption rose to $3.5 million per individual, or as much as $7 million per married couple. At the current level, only 5,500 estates a year are federally taxable.

That is down from the 17,500 estates that would have faced death taxes under the previous $2 million limit, the Urban-Brookings Tax Policy Center estimates.

State Death Taxes Are the Latest Worry - WSJ.com

 

[The Rabbi]

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.

 

[Zander]

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.

This year, the federal exemption rose to $3.5 million per individual, or as much as $7 million per married couple. At the current level, only 5,500 estates a year are federally taxable.

That is down from the 17,500 estates that would have faced death taxes under the previous $2 million limit, the Urban-Brookings Tax Policy Center estimates.

State Death Taxes Are the Latest Worry - WSJ.com

Do you have a point? Or are you just posting for informational purposes?

 

[jillian]

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.

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.

 

[jillian]

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.

This year, the federal exemption rose to $3.5 million per individual, or as much as $7 million per married couple. At the current level, only 5,500 estates a year are federally taxable.

That is down from the 17,500 estates that would have faced death taxes under the previous $2 million limit, the Urban-Brookings Tax Policy Center estimates.

State Death Taxes Are the Latest Worry - WSJ.com

Do you have a point? Or are you just posting for informational purposes?

the subject offend you?

or would you have been more comfortable had he created another "I hate Obama" thread?

 

[Polk]

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.

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.

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).

 

[JakeStarkey]

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!"

 

[The Rabbi]

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.

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.

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.

 

[Toro]

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.

This year, the federal exemption rose to $3.5 million per individual, or as much as $7 million per married couple. At the current level, only 5,500 estates a year are federally taxable.

That is down from the 17,500 estates that would have faced death taxes under the previous $2 million limit, the Urban-Brookings Tax Policy Center estimates.

State Death Taxes Are the Latest Worry - WSJ.com

Do you have a point? Or are you just posting for informational purposes?

Informational purposes.

 

[Oddball]

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.

This year, the federal exemption rose to $3.5 million per individual, or as much as $7 million per married couple. At the current level, only 5,500 estates a year are federally taxable.

That is down from the 17,500 estates that would have faced death taxes under the previous $2 million limit, the Urban-Brookings Tax Policy Center estimates.

State Death Taxes Are the Latest Worry - WSJ.com

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

BTW......FIXED THE THREAD TITLE.

 

[Zander]

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

Do you have a point? Or are you just posting for informational purposes?

the subject offend you?

or would you have been more comfortable had he created another "I hate Obama" thread?

Not offended at all, and I don't hate Obama.

Starting a thread that links an article and then making no salient commentary or opinion about the article is of no value on a forum like this. I already know where to get the news.

 

[Mike Mitrosky]

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.

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.

YOu talking about the founding fathers of America? They wanted an inheritance tax? If this is what youre saying. youll have to explain that to me.

 

[Toro]

Not offended at all, and I don't hate Obama.

Starting a thread that links an article and then making no salient commentary or opinion about the article is of no value on a forum like this. I already know where to get the news.

Well it is good to know that you knew there were only 5,500 estates that were subject to the estate tax, but I sure did not, and I doubt that most people did, including those who have an opinion about the subject.

It says something that people believe bias and opinion is far more worthy than learning unbiased facts, especially when so many people have biases and opinions without knowing the underlying facts.

Perhaps you should go criticize people who start threads on photography as well.

 

[Oddball]

How does the relatively low number of graves robbed justify the act?

 

[The Rabbi]

Not offended at all, and I don't hate Obama.

Starting a thread that links an article and then making no salient commentary or opinion about the article is of no value on a forum like this. I already know where to get the news.

Well it is good to know that you knew there were only 5,500 estates that were subject to the estate tax, but I sure did not, and I doubt that most people did, including those who have an opinion about the subject.

It says something that people believe bias and opinion is far more worthy than learning unbiased facts, especially when so many people have biases and opinions without knowing the underlying facts.

Perhaps you should go criticize people who start threads on photography as well.

Is the low number a good thing or a bad thing?
It seems to me that if the tax is justified then it should stay. If it isn't, it shouldn't. The actual number of people affected ought to be irrelevant. Never forget that the AMT originally hit only like 20k people. Now it is millions.

 

[alan1]

How does the relatively low number of graves robbed justify the act?

First they came for the communists, and I did not speak out—because I was not a communist;
Then they came for the socialists, and I did not speak out—because I was not a socialist;
Then they came for the trade unionists, and I did not speak out—because I was not a trade unionist;
Then they came for the Jews, and I did not speak out—because I was not a Jew;
Then they came for me—and there was no one left to speak out for me.
Martin Niemölle

 

[JakeStarkey]

Yepper, MM, you watch out for the far rightoid wingnuts coming to take all of us.

 

[Oddball]

Way to not address the subject matter, Joke.

 

[Toro]

How does the relatively low number of graves robbed justify the act?

I'm against taxes on capital, such as the estate tax. Taxes on capital are terrible taxes.

But that's not the point. The point is to understand the facts to understand the debate. When they cut the estate tax, the GOP made it sound as if small businesses were torn apart en mass by this tax when in fact it effects ("affects?") very few people. Rather than rely on an economic debate, it was framed as an emotive one designed to play on people's fears, which were generally unfounded.

 

[alan1]

Yepper, MM, you watch out for the far rightoid wingnuts coming to take all of us.

Are you that stupid in real life? Or do you just act stupid on the internet?