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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (596021)	12/20/2010 9:03:04 PM
From: Wharf Rat	Respond to of 1574712

Unlimited Estate Tax Exemption For Farm Estates Is Unnecessary and Likely Harmful PDF of this report (7pp.) By Gillian Brunet and Chye-Ching Huang June 29, 2010 Conclusion There is no justification for creating additional preferences in the estate tax for farm estates, particularly in light of the serious fiscal problems the nation faces. If the 2009 estate tax parameters are reinstated, only a tiny number of small farm estates will face the tax at all and those that do will generally face a low effective rate. Moreover, there is no evidence that those estates would face liquidity constraints. Finally, new or enlarged special preferences for farm estates would promote tax sheltering that would make the nation’s fiscal problems worse, while likely harming small farmers. cbpp.org

To: Wharf Rat who wrote (596021)	12/20/2010 9:21:35 PM
From: Brumar89	Respond to of 1574712

After allowing for deductions and credits, 5,500 estates will owe tax. Three-quarters of these taxable estates will come from the top ten percent of income earners and over one-third will come from the top one percent The top 10% of income earners starts at a little over $100K AGI. The top 1% starts somewhere around $400K AGI. That means thousands of people who aren't rich in income are being hit by the estate tax. Only 100 small farms and businesses .... TPC estimates that small farms and businesses will pay .. The key word is small. Exclude enough as not small and you can minimize things. You know the estate tax does harm even beyond the destruction or shrinking of family farms and businesses. Think of the steps people take simply to avoid or minimize the tax like having to buy insurance and selling in advance of death and disposal of assets.