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Estate Tax August 11, 2006

Posted by Kilgore Trout in Economic, National.
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yeah its a death tax, yeah the money has already been taxed. valid points but here is my response.

Reminder: Most relatively simple estates (cash, publicly-traded securities, small amounts of other easily-valued assets, and no special deductions or elections, or jointly-held property) with a total value under $1,000,000 do not require the filing of an estate tax return.  The amount was $1,500,000 in 2004 and 2005.  For 2006 through 2008, the amount is raised to $2,000,000

That’s from the IRS website. Basically if your trying to pass two million dollars, or my earning for a century, to your kid and are sad because they will get unfairly taxed and your looking for pity then your barking up the wrong tree. Of course the very rich will find ways around most of it anyway. Oh and it will cost the country a trillion dollars in the first ten years (2012-2021) putting us deeper into debt. So either way we are taxing future generations, one option is to tax multi-millionaires, the other is to tax everyone. So my condolences to rich kids everywhere, I’m lookin’ at you Paris, a sad song played on the worlds smallest violin.worlds smallest violin

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