Can't afford to die

[timbercruiser]

I was talking to a friend yesterday about the death tax. He has been a very hard working guy, didn't inherit anything, but has bought and sold land, run a 600 head cow herd and just works all the time. He has about 1400 acres of land. He is about 65 years old. He said that unless he and his wife both die before Dec 31 that after the new year his estate will be taxed at over 55% and his son will be forced to sell most of the land to pay his death tax. He can't just leave the land to his son in a will, he has to show that he sold the land to him at a fair market value, and pay appropriate taxes. That isn't fair to anybody, but welcome to Hussein land.

[brewman555]

This Government sucks.....it punishes those who work hard and reward those who don`t.........but remember .........."Spread the Wealth Around".....

[bergall]

Tell me about it....on the eve of my 10th anniversary, my wife and I will sign divorce papers to avoid the intentions of the socialists in power to 'tax the rich'. Together, we are subject to the punitive taxes being proposed....apart, we don't hit the benchmark income level. Living together...divorced....filing separately..... Let's see what happens there. I don't need a piece of paper to live my marriage....if the taxes are ever rolled back, we will re-marry 'officially' but until then, screw 'em.

[Alsatian]

Originally Posted by timbercruiser

He said that unless he and his wife both die before Dec 31 that after the new year his estate will be taxed at over 55% and his son will be forced to sell most of the land to pay his death tax. That isn't fair to anybody, but welcome to Hussein land.

I don't think Barrack Obama has anything to do with this. There is some wierd loop-hole in the inheritance tax that came into effect either for 2010 or only for December 31, 2010, but the inheritance tax existed before Obama. If I'm wrong about this, someone please correct me.

Of course, I'm not arguing that the inheritance tax is fair or just. It seems confiscatory. But Barrack Obama didn't start this.

Also, are you sure the tax rate is 55%? That seems a little steep.

Your friend should see a tax accountant and/or tax attorney. There may be some legal subterfuge that can avoid this tax. Just a suggestion. I find it hard to believe that everyone who inherits wealth is losing 55% of the action to the federal government.

[timbercruiser]

http://online.wsj.com/article/NA_WSJ...148722229.html

Snopes checked article on Wall Street Journal, link didn't work

[bergall]

fact is, this is a tax on money that has already been taxed. Maybe the republicans can be goaded into adding the repeal of this tax to the party platform if enough of the TEA PARTY folks get on the bandwagon. THey got the steering wheel...somebody should help 'em drive.....