"If you have worked hard for five decades, made pots of money and now want to squander it all in Las Vegas on wine, women and baccarat, go ahead. If, however, you harbor the antisocial desire — stigmatized as such by America’s judgmental tax code — to bequeath your wealth to your children, this would be an excellent month to die. Absent a congressional fix before Jan. 1, the death tax, which is 35 percent on estates above $5 million, reverts to 55?percent on those above $1 million.
This is one of many tax changes that could be triggered. The Hoover Institution’s Tammy M. Frisby, writing in Policy Review, says that — not counting temporary disaster-relief tax breaks — 31, 56 and 37 provisions of the tax code expired in 2010, 2011 and 2012, respectively. “The country,” she says, “is trying to create sustained economic growth using temporary tax laws.” It is not working.".....................
Isn't our system great? People who save are rewarded with .05% rates. People who buy monster mansions get to deduct the interest off their taxes.
The millionaires next door who scrimped and saved, and denied themselves to invest and build businesses get taxed 55% on their assets, not income. This is really going to hurt the family farms who earn very little return on the amount they have invested in land and capital equipment.
Thomas Sowell: There are no solutions, just trade-offs.
so tell the GOP to get off their butts, quit putting the middle income class at risk of higher taxes just to save the wealthiest two percent a few dollars.
"Remember to always be yourself. Unless you can be batman. Then always be batman." Unknown
"I heard" they still haven't even patched the AMT for 2012 yet, LOL. How on earth do higher income people make estimated quarterly tax payments not knowing what the AMT is. WTF
Our Federal Government is completely broken and incompetent and arrogant.
If you want to be, press one. If you want not to be, press 2
Republicans are red, democrats are blue, neither of them, gives a flip about you.
LOL wrote: "I heard" they still haven't even patched the AMT for 2012 yet, LOL. How on earth do higher income people make estimated quarterly tax payments not knowing what the AMT is. WTF
Our Federal Government
is completely broken and incompetent and arrogant.
At least there's someone else that doesn't bash just one side. It's the whole damn kit and kaboodle that's messed up, not just the (que scary Halloween noises and effects) GOP!?!?!?!?!
Let's pair 'em up, one Dem, one Repub, until all elected representatives are teamed up. Each "pair" gets a shirt. They gotta wear it until they learn to get along, cooperate, and compromise.
