What’s the one thing that just burns up Rethugs more than anything else? No, I mean besides a black President. That’s right – the Death Tax!
Or, more accurately, the Estate Tax, which is what is taken by the federal (and state) government when you pass on your property via a will to anyone but your spouse or a charity. Prior to 2002, the maximum estate tax rate was 55%, with the first $675,000 being exempt from the tax.
However, all through Bush’s two terms, Congress was busy at work slowly whittling the death tax to…well, to death. By the time Bush left office in 2009, the estate tax carried an exemption of $3.5 million, and the maximum tax rate was down to 45%.
But they weren’t done with it yet. Here’s a sneaky little secret: This year – 2010 – is the year of No Death Tax.
Yes you read that right. Zero percent. No taxation no matter who you leave your money to, no matter how much.
Libertarians rejoice! Your dreams have come true! Ding, dong, the witch is…
…uh, wait.
That rate is only good for 2010. NEXT year, the Death Tax is reinstated to PRE-BUSH LEVELS. Up to 55% tax rates on anything over a mill.
Why would Bush’s Congress do such a thing?
Seems obvious to me – they were setting up the next President to get blamed for raising taxes.
The good news for the American Landed Gentry is that this is probably not going to actually happen. If things progress as Wikipedia expects, then the new estate tax will carry an exemption of 5 million dollars, and will max out at 35%.
The bad news is that they will still cry about how Obama raised taxes.
The best win/win that I can see is this: All you rich Republicans need to die THIS YEAR. Then you don’t pay any estate tax, and the rest of us will be rid of you.
Are you listening, Pigboy?
Wealthy Republicans: Die Now!
What’s the one thing that just burns up Rethugs more than anything else? No, I mean besides a black President. That’s right – the Death Tax!
Or, more accurately, the Estate Tax, which is what is taken by the federal (and state) government when you pass on your property via a will to anyone but your spouse or a charity. Prior to 2002, the maximum estate tax rate was 55%, with the first $675,000 being exempt from the tax.
However, all through Bush’s two terms, Congress was busy at work slowly whittling the death tax to…well, to death. By the time Bush left office in 2009, the estate tax carried an exemption of $3.5 million, and the maximum tax rate was down to 45%.
But they weren’t done with it yet. Here’s a sneaky little secret: This year – 2010 – is the year of No Death Tax.
Yes you read that right. Zero percent. No taxation no matter who you leave your money to, no matter how much.
Libertarians rejoice! Your dreams have come true! Ding, dong, the witch is…
…uh, wait.
That rate is only good for 2010. NEXT year, the Death Tax is reinstated to PRE-BUSH LEVELS. Up to 55% tax rates on anything over a mill.
Why would Bush’s Congress do such a thing?
Seems obvious to me – they were setting up the next President to get blamed for raising taxes.
The good news for the American Landed Gentry is that this is probably not going to actually happen. If things progress as Wikipedia expects, then the new estate tax will carry an exemption of 5 million dollars, and will max out at 35%.
The bad news is that they will still cry about how Obama raised taxes.
The best win/win that I can see is this: All you rich Republicans need to die THIS YEAR. Then you don’t pay any estate tax, and the rest of us will be rid of you.
Are you listening, Pigboy?