Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Budgeting and Taxes

Estate-Tax Could Return With Senate Inaction

Sunday, August 15, 2010 - 6:44 AM
From the Wall Street Journal:
If Senate gridlock persists, the estate tax -- which died at the end of last year -- automatically will return next year with a $1 million basic exemption and a top tax rate of 55% on the largest estates.

2
Ken TuminKen Tumin5,442 posts since
Nov 29, 2009
Rep Points: 123,743
1. Sunday, August 15, 2010 - 10:31 AM
Sure hope it'll happen. Who else better to tax high than dead rich people? ;-p
1
darkdreamer4udarkdreamer4u174 posts since
Jun 11, 2010
Rep Points: 630
2. Sunday, August 15, 2010 - 11:00 AM
I do hope it returns. $1 million is more than enough for someone to inherit. And from a couple, that is $2 million to leave to heirs. And that is in addition tot he $13,000 a year each yo can give away to people throughout your life. Most of us actually have to earn our own way rather than get our wealth the old fashioned way. And it really is anti-democratic to build an aristocracy through inheritance that carries on throughout the generations.
1
me1004me1004346 posts since
Jan 16, 2010
Rep Points: 2,369
3. Sunday, August 15, 2010 - 1:56 PM
Although I don't foresee leaving a multimilliion dollar estate, I also don't resent someone else doing so.  The earnings to develop the estate and the real estate have been taxed annually.  I support the elimination of the estate tax even though I am unlikely to benefit from it.  Also, I don't believe that I (or anyone else) am in a position to decide what is "more than enough for someone to inherit."  This philosophy of "more than enough" is much closer to Karl Marx's "From each according to his ability, to each according to his need" than it is to free enterprise.   
2
AlanAlan32 posts since
Jun 7, 2010
Rep Points: 202
4. Sunday, August 15, 2010 - 2:27 PM
I prefer to pay federal estate tax. We will most likely have to pay it. We gift our children, and others some years. They do not expect it nor do they feel entitled. We do not feel a need for this money and it should not be staying in just a few families. Some families because of circumstances beyond their control are not able to accumulate funds. You cannot do it without education and or luck and living wisely and frugally. You can gift $13,000 every year to anyone you want. Your spouse can also. No on has to pay these taxes if they are knowledgeable. You can even gift a percentage of your home yearly. We are not part of the super rich but are comfortable. It gives pleasure to give and brings smiles on the faces of others.
1
t1945t19452 posts since
Aug 15, 2010
Rep Points: 4
5. Sunday, August 15, 2010 - 3:22 PM
t1945........Make ME smile. :)
1
RicochetRicochet131 posts since
Jan 19, 2010
Rep Points: 358
Reply