Overruled.org

What Won't They Tax?

A cnn.com article called, "Senate blocks cut to estate tax", explains that a Republican effort to shrink taxes on inherited estates was shot down by Democrats in the Senate. It seems that every time money exchanges hands, the government wants a share.

"A 57-41 vote fell three votes short of advancing the bill."

Under current law, the first $2 million of a person's estate escapes taxation. The rest can be taxed at rates up to 46 percent.

Sen. Jon Kyl, R-Arizona has suggested:

"... exempting the first $5 million of an individual's[sic] estate, or $10 million of a couple's, from taxation. The size of estates escaping the tax would increase each year to keep pace with inflation.

Estates between $5 million and $30 million would be taxed at rates equal to capital gains, and the remainder would be taxed at 30 percent."

Here is a typical Democrat response from Senate Minority Leader Harry Reid of Nevada.

"The estate tax is an extremely costly tax for a wealthy few that comes at the expense of every other American born and yet to be born for decades to come."

Overruled.org

What Won't They Tax?

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