I do not. I think that taxing a 125k estate was absurd, but going to a four million dollar for a couple estate exemption is obscene. One million per person, or two million for a couple is more than generous.
Is anybody on this forum going to have an estate valued over four million?
My estate will not be over four million. At one time perhaps......but even successful business people can use estate tax planning and transfer properties in their estate plan which avoids even the four million dollar threshold of taxation. Romney wants to abolish the estate tax. Few on these forums are impacted by this tax, yet when it was 125k, small business owners were reinvesting in their business.....not cashing out and paying no taxes and building houses on barrier islands, and putting their money in an account in the Caymans. The choice is clear.....how can the loss of tax on the wealthy after they die not burden the average middle class taxpayer? Please tell me how the burden will not shift to the middle class. It was one thing in 1980 when you only got 125k protection from estate taxes and your business had to raise capital to pay after the death of the owner of a small business......but a four million dollar exemption is plenty. Do you realize with the abolishing of the estate tax we will give a stepped up basis on property and there will not even be a capital gains tax paid on the transfers. Billions and billions of lost revenue.....and you do not think you are going to make up the difference......
Americans must wake up from their slumber. Our nation is being stolen. These issues are not that complex.....they actually are simple.....if we do not collect revenue here....we must collect it somewhere else....or we go into debt.
Is anybody on this forum going to have an estate valued over four million?
My estate will not be over four million. At one time perhaps......but even successful business people can use estate tax planning and transfer properties in their estate plan which avoids even the four million dollar threshold of taxation. Romney wants to abolish the estate tax. Few on these forums are impacted by this tax, yet when it was 125k, small business owners were reinvesting in their business.....not cashing out and paying no taxes and building houses on barrier islands, and putting their money in an account in the Caymans. The choice is clear.....how can the loss of tax on the wealthy after they die not burden the average middle class taxpayer? Please tell me how the burden will not shift to the middle class. It was one thing in 1980 when you only got 125k protection from estate taxes and your business had to raise capital to pay after the death of the owner of a small business......but a four million dollar exemption is plenty. Do you realize with the abolishing of the estate tax we will give a stepped up basis on property and there will not even be a capital gains tax paid on the transfers. Billions and billions of lost revenue.....and you do not think you are going to make up the difference......
Americans must wake up from their slumber. Our nation is being stolen. These issues are not that complex.....they actually are simple.....if we do not collect revenue here....we must collect it somewhere else....or we go into debt.