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Boner very probably doesn't have a majority of a Repug majority so he won't bring the bill to a vote.
It's been passed. Let the partying and home buying begin anew.
Boner very probably doesn't have a majority of a Repug majority so he won't bring the bill to a vote.
Did anyone see what they did on inheritance tax? I saw that the rate went up but couldn't find what the lower limit was.
This is what I could find:
Although the White House won an agreement to raise the tax rates on larger estates from 35 percent to 40 percent, Republicans successfully insisted that the exemption should be adjusted annually for inflation, a provision that would increase the exemption amount to $7.5 million for individuals and $15 million for couples by 2020, said Rep. Chris Van Hollen (Md.), the ranking Democrat on the House Budget Committee.
He called the final agreement a “sweetheart giveaway to the wealthiest 7,200 estates in the country.”
Found it. Five Million per person. Rate went up but threshold stayed the same.
Whoopie!
Deficits Don't MatterWhoopie!
-- head
Jobs (and stimulus) are the priority
-- 99%
deficits don't matter.
This is correct. Rate went from 35% to 40% on single person estates of $5M or couples' estates of $10M, with some sort of inflation adjustment. Lots of American seniors were out looking under their cars for bombs placed by their children if it had gone back to the $1M and 55% on everything thereafter.
That's what ya boi said.
The threshold should have been lowered to $1M, which is enough TAX-FREE gift for anyone. If the parent(s) are too ing stupid to dump their estate, then the wealth should be taxed heavily and used for USA.This is correct. Rate went from 35% to 40% on single person estates of $5M or couples' estates of $10M, with some sort of inflation adjustment. Lots of American seniors were out looking under their cars for bombs placed by their children if it had gone back to the $1M and 55% on everything thereafter.
Some stupid ass repug please defend why the estate tax should exempt estates $5M or below. It's just so ing stupid.
Cheney was right though. To the general electorate, deficits don't matter.
Simple, really. It kills small family businesses and family farms. Put in perspective a 500 acre farm in Iowa is worth 5 million just for the land. Tax that at 55% and you kill it.
Of course, your big financial and insurance companies love the estate tax because it forces people to buy ridiculously expensive life insurance policies as part of estate planning which starves cash flow.
List the eight senators that voted against the bill
He was on the undercard in 2000 and 2004. You voted for him.
Like Con Agra, via the GOP largesse isn't already killing family farms in Iowa.
Yeah. A 20% across the board tax cut would have really addressed those deficits huh CC? You may have voted for Gary Johnson but you're on record saying a 5T tax cut is preferable to ANY tax increase.Whoopie!
Ok, you do know that's not really who the Repugs are trying to protect, right? The farmer vote isn't exactly their top priority.
Ok, so the land alone is entirely tax exempt in your scenario since the first $5.12 million is exempt from the estate tax. Then another $120,000 worth of farm equipment is also tax exempt, and the remainder is taxed at an addition "whatever percent". Keep in mind that so many farmers are already subsidized through the ass but fine. That's the worst case scenario and you could always write some type of exemption for farms, but that isn't the goal. It's just so silly that repugs get CC and others to buy this .
This is actually why a lot of smaller family farms have in fact been sold to the agribusinesses...the corporations don't have a problem with estate taxes ever. And unless the life insurance policies are bought when the small farm owner is young (and therefore unlikely to die in the immediate future), the premiums are prohibitively expensive on the policy holder.
The other reason that economists use against estate taxes is that the assets in an estate were taxed when they were earned, and the same asset should not be taxed twice. Others argue that assets in estates often have unrealized capital gains that should be taxed before the estate is inherited. I personally don't have a problem with that argument...just go ahead and tax the capital gains in the estate at the capital gains rate. That makes some sense to me.
Personally, I was happy that my parents didn't leave me with debts when they passed; there was never an issue of taxes on the size of their 'estates' (I use the term estate loosely).
But if the estate tax exemption had gone back to $1M, the additional $4M that the land was worth would have been taxed at a 55% rate, meaning that the only way the heir could hold on to any of the land was likely to sell enough (to agribusiness) to pay the tax debt on the entire amount.
I agree with you about the subsidies to farms, although that has been going on for so long it is in the same category as oil company tax exemptions.
The priority for the 99% is jobs, not the deficit
http://www.epi.org/publication/top-charts-2012/
9M jobs short, that's 9M jobs not paying down the deficit with SS, Medicare, income taxe contributions, and NOT stimulating the economy with spending of 95% of their income.
Fi$cal Cliff would be a good rapper name.
How big is your estate btw?
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