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Politics : Formerly About Advanced Micro Devices

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To: combjelly who wrote (379564)	4/21/2008 7:33:28 PM
From: Brumar89	Read Replies (1) of 1575173

In the mid-1970s, the exemption was at $350k for a couple and the percentage of estates affected was 2.8%. Now it is at $4 million and the percentage affected is 0.27%. So your argument has some serious holes in it. You neglected to mention the exclusion amount was $675K in 2001? And in 2011 its to go back to $1M. en.wikipedia.org One of the reasons the % affected is as low as it is is there has grown up an industry to help people avoid the tax. The Walton's heirs have been spreading money around to kill the estate taxes for a while. They have paid a lot of money to present the propaganda about this issue. Good for them. And a lot of it is distorted so that it is difficult to form an informed opinion. Is resentment of "multi-gazilionaires" an informed opinion? (Ignoring the fact that "multi-gazilionaires" aren't gonna pay much if any estate tax anyway. We have a lot more things to worry about than tax breaks for multi-gazilionaires. Sure, given their homes and 401K's it will hit a bunch of babyboomers someday. But don't worry - its only gonna affect "multi-gazilionaires." "The $4M level is also pretty low. Low enough to catch lots of small family businesses on the way to becoming medium sized businesses. " Brumar, get informed on the issue. There are all kinds of breaks that keep family businesses and family farms from being affected by this. Those breaks are pretty limited. taxfoundation.org "In 1997, Congress further shielded small businesses from estate taxes by creating a provision allowing qualified family-owned businesses to shelter up to $1.3 million from estate taxes. However, this provision was eliminated in 2004 when the applicable exclusion amount for all estates rose to $1.5 million, superseding the lower $1.3 million amount. ............ survey data show that estate taxes continue as an important reason why many family-owned businesses report they fail to survive beyond the first generation.14"

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