Date: Sun, 6 Dec 2009 14:11:10 -0800
From: [email protected]
Subject: Fw: [CCCC-USA] House Democrats Vote for Massive "Death" Tax
To: [email protected]; [email protected]
----- Forwarded Message ----
From: Lynda Brasier <[email protected]>
To: ThinkAboutit <[email protected]>; cccc usa
<[email protected]>
Sent: Sat, December 5, 2009 12:23:20 PM
Subject: [CCCC-USA] House Democrats Vote for Massive "Death" Tax
Earn money and the Feds will tax you.
Earn interest on the money and the Feds will tax you.
Invest the money and make a profit, the Feds will again tax you.
Then, if the Democrats have their way, you die and the Feds will get almost as
much money as your family, spouse and children--45% of your estate if you have
been successful.
This means family farms will have to be sold. Small businesses will be sold
out from under families. This means government is your business partner and a
member of your family.
For the jealous Leftists who love this policy, this also means fewer jobs, more
financial shenanigans and more losses to society.
The policy of the "death tax" is about triple taxation, greed by government and
theft by government.
Susoni
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By Ben Pershing, Washington Post, 12/03/09
The House approved Thursday a measure making the current estate tax rate
permanent, overcoming the objections of an unusual coalition of liberal and
conservative critics.
The bill passed, 225 to 200, with 26 Democrats joining all Republicans present
to vote no. It would make permanent the current estate tax rate of 45 percent,
with an exemption of $3.5 million per individual. If Congress does not act, the
estate tax would disappear altogether in 2010, then return in 2011 under the
higher rates -- 55 percent and a $1 million exemption -- that existed before
President George W. Bush took office.
The Senate faces a Dec. 31 deadline to address the issue, but it's not clear
when that chamber will find the time to do so in the midst of its marathon
health-care debate. It's also unclear whether the House's approach on the
estate tax could garner the 60 votes necessary to move forward in the Senate.
Some Democrats in both chambers would prefer to see higher estate tax rates,
arguing that the pre-2001 levels were fair and provided the government with
much-needed funds. Making the current rates permanent will take a bite out of
the federal treasury, with the government estimated to lose $234 billion in
revenue over the next 10 years.
Most Republicans, meanwhile, don't want any estate tax at all, opposing the
concept on philosophical grounds.
"Death should not be a taxable event," said Rep. Dave Camp (Mich.), the top
Republican on the tax-writing Ways and Means Committee. "Death should not force
the sale of family farms or the dissolution of small businesses. The fear of
death should not be a reason for Americans to hire a battery of accountants and
lawyers to find legal ways to reduce the bite of the estate tax."
While Republicans often invoked the specter of distressed farmers and business
owners Thursday, Democrats suggested the GOP was trying to mask their true
desire to shield the wealthiest Americans from taxation.
"Abolishing the estate tax would add billions and billions to our deficit --
and while a small number of wealthy families would benefit, the growth of our
economy as a whole would suffer," said House Majority Leader Steny Hoyer
(D-Md.).
The current rates leave roughly 0.2 percent of all estates subject to taxation
in 2009, according to the Tax Policy Center, a think tank. Since the $3.5
million per-person exemption is not indexed for inflation, that percentage will
gradually increase over time.
Senate Majority Leader Harry Reid (D-Nev.) said Thursday that he had met with
House leaders to figure out a way forward on the estate tax and other
end-of-session priorities. Sens. Jon Kyl (R-Ariz.) and Blanche Lincoln (D-Ark.)
are pushing a measure that would reduce the estate tax rate to 35 percent, with
an exemption of $5 million per individual.http://capoliticaln ews.com/blog_
post/show/ 3729
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