Aged ready to jump off bridges over estate tax

Provided Congress fails to pass legislation to keep it dead and buried, the estate tax will rise from the burial plot on New Year’s Day, 2011. This has many estate-holders and kin worried, accounts the Associated Press. It’s so bad, claims Wyoming Rep. Cynthia Lummis (a Republican), that some of her constituents are seeking to pull the plug on life-sustaining medical procedures and treatments. Post resource – Estate tax sends elderly racing for the grave by Personal Money Store.

Estate tax keeps an inheritance too big from being passed on

Rep. Lummis wouldn't say who the people were that might end up ending their life early to stop the estate tax from getting to their family although she did say individuals with businesses are considering it. The business of ranching in Wyoming is something that many ranchers want to stay away from their govt and to go to their families.

“If you have spent your whole life building a ranch, and also you wanted to pass your estate on to your kids, and you also were 88-years-old and on dialysis, and the only thing that had been keeping you alive had been that dialysis, you might make that exact same decision,” Lummis told the AP.

Tax cuts for the rich with Bush

Bush made tax cuts which made the death tax go away. That means the 45 percent estate tax was not in place anymore. That had been a good time to inherit something from a dead relative. Capital gains, dividends, interest, wage income and inheritance were protected. The government had no control. 2010 was a fantastic year for tax exemptions as all estates were tax exempt. Since 1916, all estates less than $3.5 million, or $7 million if you're married, were tax exempt already.

Tax rates on estates will go up to 55 percent in 2011 when estates under $1 million can be the only ones exempt. A Tax analyst, Joseph Thorndike, spoke with the Wall Street Journal. He said that going from to 55 percent would be "the largest boost in a major tax that (the U.S. has) ever seen."

Details from

Newser

newser.com/article/d9j5lab81/wyoming-congresswoman-says-some-constituents-planning-to-die-before-dec-31-estate-tax-rise.html

Did Big George duck the tax?

youtube.com/watch?v=uPqn2Zr0r-Y