Congress is discussing plans to repeal the federal estate tax.
According to the Boston Herald:
Estates worth up to $2 million this year and next will be exempt from the federal estate tax. Portions of estates above that threshold will be taxed at 45 percent.
In 2009, the exemption level rises to $3.5 million, and by 2010 the estate tax will be repealed ” but only for a year.
Unless Congress changes the law, it comes roaring back in 2011 with an exemption threshold of only $1 million and a top tax rate of 55 percent.
I support a massive “death” tax on inherited wealth.
But, of course, not everyone agrees, including some people you would know what they’re talking about …
“Instead of the free market determining when assets are bought or sold, the death tax makes that determination,” said the panel’s top Republican, Sen. Chuck Grassley of Iowa. “There is something fundamentally wrong when the government swoops in after a funeral to take a cut of what that person had worked their whole life for, and has already paid taxes on at least once.”
Really?
Take a civics lesson!
High estate taxes are what keep our country from becoming like England or Paris of the 1800’s, and were an integral part of our forefathers’ plans for our new nation.
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