The federal estate tax (the Death Tax) is nothing more than seizure of private property by the government and the left-wing (Obama) method of re-distribution of wealth in America. It is that simple! No debate! It is the most onerous tax ever levied on the American public! And what makes it even more ridiculous is the fact that the tax was ZERO on estates in 2010. Billionaire estates of George Steinbrenner (Yankee owner), Dan Duncan ($9B – oil), Mary Janet Cargill, Walter Shorenstein ($1.1B), and several others paid ZERO taxes. Other multi-millionaire estates (Glen Bell – Taco Bell founder, J.D. Salinger, David Brown (husband of Helen Gurley Brown), John Murtha, and Peter Graves – just to name a few – paid ZERO taxes. 2010 was a good year to die……..
Now Congress, under the insistence of the progressive, liberal left, is debating a 55% tax rate on estates of $3.5 million or more! Ludicrous! How many small businesses will have to be liquidated to pay these taxes? How many farmers will have to “sell the farm” to pay taxes? Property handed down through generations will be, in effect, confiscated by the federal government!
There are probably thousands of American households with two working spouses that have accumulated $5 million in assets over their working lives. Even if you were fortunate to be the heir of your parents estates, that will be included in your estate and then hammered by the IRS. Building an estate is NOT like hitting the lottery! Families worked hard to develop their estates.
This is simply re-distribution of wealth from those that succeed in life to the government so they can pass it along to those that have become “entitlement” titty-babies!
Remember also that this money has, for the most part, ALREADY BEEN TAXED by the federal, state, & local jurisdictions. This is what the Boston Tea Party was all about!
I urge you to call your congressperson and threaten them with being voted out of office unless this PROPERTY SEIZURE is stopped. Have these so-called representatives of the public learned nothing! Do your part! Stand up and be counted! This tax is the most absurd tax ever levied on the American public!
P.S. The House finally passed the Senate tax proposal so the Death Tax (for the next two years) carries an exemption of $5M. That is a little better, but, hopefully, the GOP can revisit the bill before the 2012 elections!