WASHINGTON, DC—A new study confirms what the richest Americans and their allies on Capitol Hill have long suspected: the so-called death tax is more hazardous to the health of the nation’s wealthy than gout, which has been linked to excessive consumption of port wine, or injuries suffered during polo matches. The research, based on surveys of obituaries run in such papers as The Rancho Santa Fe News, the Jackson Hole News and Guide and the Chevy Chase Gazette, found that the death tax far surpassed other causes of wealth-related fatalities.
Only silver poisoning, a result of so-called silver spoon related birth syndrome, followed by intermarriage, the practice of marrying among a small group of wealthy individuals, was found to cause any where near the number of fatalities brought about by the death tax.
More.
CNN
Estate tax emerges as key Democratic beef in Obama's compromise
The Dems think it's too low and the Repugs think it's too high. That doesn't surprise me, but I am a little surprised that it's the main sticking point.
I once paid estate tax of $40,000 on an estate valued at $150,000 which mostly consisted of a house which I had to sell to pay the tax. That was all right because I couldn't have afforded to keep the house anyway, but I thought it was unfair. The estate tax has since been modified so that there was a threshold of (I think) $2Million before estate tax kicked in. I think that's a lot fairer. Inheritance tax is a good way to soak the rich, not so good for reg'lar folks who inherit grannie's house and silverware.
I think the threshold should be considerably lower than the proposed $5Million, so I'm down wit da Dems on this one. Tax rate? Mox nix. Get 'em for what ya can, I says.
There is no inheritance tax this year. Look for an uptick in rich old farts kickin' the bucket on New Year's Eve. I can hear it now:
Rich ol' grannie on her deathbed, "What's that electric plug (or hypodermic needle/pillow/.38 Special/etc.) in yer hand, sonny?"
"That's my financial future, grannie, and thank you. Happy New Year!"
Heh.
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