Seniors rich dread estate tax return

If Congress doesn’t take a stand for the way things have gone this year, the estate tax moratorium will end come 2011. According to the Associated Press, this has prompted many elderly estate holders and their heirs to consider desperate measures. It’s so bad, claims Wyoming Rep. Cynthia Lummis (a Republican), that a number of constituents are looking 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.

Estate tax keeps an inheritance too large from being handed down

Rep. Lummis would not say who the individuals were that might end up ending their life early to stop the estate tax from getting to their family although she did say people with businesses are considering it. The business of ranching in Wyoming is something that numerous ranchers want to stay from their government and to go to their families.

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

The prosperous sees most Bush tax cuts benefiting them

The death tax, or the 45 percent estate tax, was something Bush's tax cuts got rid of. That had been a good time to inherit something from a dead relative. Capital gains, dividends, interest, wage income and inheritance were protected. The government had no control. Estates smaller than $3.5 million ($7 million for married couples) have been exempt from the estate tax since 1916, and 2010 was the golden year when even the largest estates were exempt.

Only estates under $1 million can be exempt from estates tax in 2011. Also, 55 percent will be the newest tax rate. 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."

Citations

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