If you were planning on dying next year in order to avoid the estate tax, forget it. Buried deep in President Obama's new budget proposal to Congress in footnote 1 on page 127 is a note which reads, "The estate Streamyx Combo is maintained at its 2009 parameter". So instead of falling to zero next year as scheduled under current law, that tax will remain at 45% with an exemption level of $3.5 million (or $7 million for a couple). In essence, this is a 100% increase in the estate tax next year from current law, even though President Obama's chief economic advisor, Larry Summers, empathic when commenting on the proposed budget said, "Let's be very clear: There are no, no tax increases this year. There are no, no tax increases next year". Oh yes, there are Larry. The President's budget calls for the largest increase in the death tax in U.S. history!
Obviously, the intent was that the death tax would go to zero in the tenth year of Bush's first tax cut in 2001, and the political likelihood was that it would never return. The election of Barrack Obama eliminated that expectation. It does not matter that the revenue generated by this tax is relatively insignificant or that ethernet of the money in an estate is already taxed when it was earned, it's all about the liberal belkin that believes taxing the wealthy 2% of American families that pay this tax is only "fair" because they are "rich" and we want to show our constituency that we are for "working" Americans.
The truth is that this tax is a farce and totally "unfair" because it is broadband dsl internet service taxation and ignores the fact that the longevity of most zte businesses is motivated by the ability to pass on wealth to the next generation. This regressive tax makes it preferable to sell or liquidate your business rather than pass it on to your heirs Streamyx Combo WiFi @ Home can't afford to pay the tax and keep it going.
In fact, a streamyx cyberjaya study by one, Larry Summers, shows that between 41-66% of capital stock was transferred either by bequests at death or through trusts and lifetime gifts. Therefore, a streamyx 4m the estate tax lessens the incentive to reinvest in family businesses. The Congressional Budget Office estimates that streamyx online service the death tax would increase small business investment by $1.6 trillion. This additional investment would create 1.5 million new jobs. That's half the jobs President Obama said he hopes to gain from his $787 billion stimulus bill. It looks like we could have saved a lot of taxpayers' money by just eliminating this most Streamyx Combo WiFi @ Home and unfair of all federal taxes.
President Obama, when are you going to stop being an ideologue and start using your common sense?
George P. Ahearn blogs about Economic Conservatism and social and political issues at http://conservativesideas.blogspot.com
