Estate tax sends elderly rushing to the burial plot

Provided Congress fails to pass legislation to keep it dead and buried, the estate tax will rise from the burial plot on New Year’s Day, 2011. This has numerous estate-holders and kin worried, accounts the Associated Press. It is so bad, claims Wyoming Rep. Cynthia Lummis (a Republican), that a number of constituents are seeking to pull the plug on life-sustaining medical procedures and treatments. Post resource – Estate tax sends elderly racing for the grave by Personal Money Store.

Don’t assume all goes to the household with estate tax

While Rep. Lummis declined to name everyone she knew who planned to take the estate tax shuttle to the terminal end, she did hint at what many people in business may be thinking. The business of ranching in Wyoming is something that many ranchers want to stay away from their govt and to go to their families.

”If you have spent your whole life building a ranch, and you wanted to pass your estate on to your children, and also you were 88-years-old and on dialysis, and also the only thing that had been keeping you alive was that dialysis, you might make that very same decision,” is what Lummis said. This is what the AP reports.

Most Bush tax cuts go to the prosperous

Bush era tax cuts effectively buried the 45 percent estate tax (aka the death tax). It was an ideal time to be an heir to a dying estate holder. The govt had no control over inheritance, wage income, interest, dividends and capital gains. Since 1916, all estates less than $3.5 million, or $7 million for those married, have been tax exempt while all estates in 2010 were tax exempt.

Tax rates on estates will go up to 55 percent in 2011 when estates under $1 million will be the only ones exempt. Joseph Thorndike of the non-profit Tax Analysts told the Wall Street Journal that jumping from zero to 55 percent would be "the largest increase in a major tax that (the United States of America has) ever seen."

Info from

Newser

newser.com/article/d9j5lab81/wyoming-congresswoman-says-some-constituents-planning-to-die-before-dec-31-estate-tax-rise.html

Did Big George duck the tax?

youtube.com/watch?v=uPqn2Zr0r-Y