The Estate Tax – Property Seizure & Re-distribution of Wealth

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!

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4 responses to “The Estate Tax – Property Seizure & Re-distribution of Wealth

  1. Bob, being a big..small business..I could not agree with you more. The Government is the largest single threat to my business moving forward in case of the death of myself or my partner. Being a privately owned business for the past 30 years and knowing that my employees would be jobless if the company was unable to survive after paying estate taxes (death taxes), I have spent an enormous amount of time and money trying to find a solution in case of such an event. The past few years with this threat being lowered has been a time of less anxiety about this. However, right now with the treat again being at 55% , if the current Democartics have their way, is enough to make me throw-up. Think of this way. My company would not be successful without very highly qualified people. If this passes and I die and the company could not survive this type of tax expense, these very highly qualified people (and friends and co-workers) would be out of work due to no fault of their own. To just get another good job, in this economy, is not that easy. Politicians are the greatest threat we have in small business. They do things that stifle our growth and success all of the time. All businesses need to have rules of the road, but we do not need to have crazy people running our government. Guess what? Crazy, non-business minded people are running our government. Just look at the national debt if you do not believe me. Any business would be bankrupt if he conducted his financial business in the same way the Federal Government does. My question: Is this intentional or just plain supidity?

  2. Atlantic….I believe that it is all intentional!!! Those that are currently in control have the goal to bring America, as we have known it, down! We have created a “entitlement” culture in this country that will, eventually, tear us all down! Re-distribution of wealth is pure Socialism! It is killing Europe; and unless we make drastic changes, it will do the same to us!

  3. i agree with your comments! ! !i have a question for you ::is the 1000.000dollars deduction from the all life donations still valid over the next 2 years?
    thanks.

  4. Pino….I ASSUME you are correct! The subject is/was covered under the UNIFIED CREDIT Form 709 (See IRS Publication 950-Rev. August 2007). This publication describes the process for an early non-taxable distribution of a person’s future estate. But, caution and expert advice is suggested to ensure that the Feds can’t come back on you later! The estate tax laws are tricky!! It is possible that the morons writing the legislation completely over-looked this provision! Good luck!

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