45% death tax starts in 2010.

[shmike]

Originally Posted by goof2

I would double check your source. The 45% estate tax carries over from 2009, along with the first $3.5 million being exempt from the tax.

Correct.

The "death tax" was supposed to be 0% in 2010 and reset to 55% in 2011.

Obama's budget calls for the 45% rate to stay in effect from 2009 through 2010, eliminating the 0% year.

The $3.5/$7 million exemption would remain in effect.

I am not a fan of most of the "changes" being made in Washington. Especially changes like this that are snuck-into the budget 127 pages deep to hopefully go unnoticed.

However, it is important to remain factual when pointing out the flaws of the chosen one.

[Rsv1000R]

Originally Posted by shmike

Correct.

The "death tax" was supposed to be 0% in 2010 and reset to 55% in 2011.

Obama's budget calls for the 45% rate to stay in effect from 2009 through 2010, eliminating the 0% year.

The $3.5/$7 million exemption would remain in effect.

I am not a fan of most of the "changes" being made in Washington. Especially changes like this that are snuck-into the budget 127 pages deep to hopefully go unnoticed.

However, it is important to remain factual when pointing out the flaws of the chosen one.

It still sucks, just another time the gov get's to tax money they've already taxed at least once before. Warren Buffet who's a Obama adviser was a big proponent for higher death taxes, while most people with less money would rather give more to their families. And don't forget the state and local taxes said money will be taxed on.

[goof2]

Originally Posted by shmike

Correct.

The "death tax" was supposed to be 0% in 2010 and reset to 55% in 2011.

Obama's budget calls for the 45% rate to stay in effect from 2009 through 2010, eliminating the 0% year.

The $3.5/$7 million exemption would remain in effect.

I am not a fan of most of the "changes" being made in Washington. Especially changes like this that are snuck-into the budget 127 pages deep to hopefully go unnoticed.

However, it is important to remain factual when pointing out the flaws of the chosen one.

I believe the idea was that once the tax expired it wasn't going to be coming back. The 2011 rate was supposed to be theoretical more than anything.

It wasn't just on page 127, it was in a footnote on page 127. Stuff like this is why I am still waiting to see what kind of easter eggs are buried in the stimulus bill.

[HRCNICK11]

Should be nothing at all or maybe in this socialist land we now live maybe 5 or 10% 45% is crazy considering its money that has already been taxed more than once.

[HRCNICK11]

Sorry for the title I thought it had been repealed long ago.

For the record its nobodies place to say that you or I have made to much money. This ass in ofice now seems to think he knows just how much money everyone should have.

[goof2]

Originally Posted by HRCNICK11

Sorry for the title I thought it had been repealed long ago.

For the record its nobodies place to say that you or I have made to much money. This ass in ofice now seems to think he knows just how much money everyone should have.

Agree/Disagree, it doesn't really matter. We are always going to have taxes and they are always going to take the most from those that make the most, primarily because they are less than 2% of the population. Also, keep in mind that the top tax rate has been over 90% in the past.

[Rsv1000R]

Originally Posted by goof2

Agree/Disagree, it doesn't really matter. We are always going to have taxes and they are always going to take the most from those that make the most, primarily because they are less than 2% of the population. Also, keep in mind that the top tax rate has been over 90% in the past.

But it does matter, and it matter who we vote into office.

And it isn't only the top 2% that get screwed over. Inheritance, Capital gains and AMT all affect people under $250k

[Destitute]

Originally Posted by goof2

Agree/Disagree, it doesn't really matter. We are always going to have taxes and they are always going to take the most from those that get paid the most, primarily because they are less than 2% of the population. Also, keep in mind that the top tax rate has been over 90% in the past.

Fixed it.

[Homeslice]

Talk about double taxation, what about sales tax on used cars. The thing was only manufactured once, yet it gets taxed every time it's re-sold.

[Librarian]

Please move this to the War Room and let us have some peace and quiet here.