BloggingStocks http://www.bloggingstocks.com BloggingStocks http://www.blogsmithmedia.com/http://www.bloggingstocks.com/media/feedlogo.gif BloggingStocks http://www.bloggingstocks.com en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Obama to keep 'death tax' alive]]>http://www.bloggingstocks.com/2009/01/12/obama-to-keep-death-tax-alive/http://www.bloggingstocks.com/2009/01/12/obama-to-keep-death-tax-alive/http://www.bloggingstocks.com/2009/01/12/obama-to-keep-death-tax-alive/#commentsFiled under: , ,

The so-called "death tax" refuses to die.

Despite pleading from Republicans to kill the estate tax, President-elect Barack Obama plans to do no such thing. According to the Wall Street Journal, Obama and congressional leaders "plan to move soon to block the estate tax from disappearing in 2010."

George W. Bush has made eliminating the death tax one of the cornerstones of his economic policy before the current crisis. Critics of the tax dubbed it "the death tax" as if Uncle Sam in standing before the pearly gates of heaven with his hat in his hand. They claim it is a huge burden to small businesses. Nothing can be further from the truth.

Data from experts show that a small number -- several hundred -- small family businesses ever pay the tax. Only individuals with estates of more than $2 million and couples with more than $4 million estates are subject to the tax. Estate taxes are designed -- in theory anyway -- to prevent the U.S. from developing a European-style aristocracy based on familial wealth. That's why Warren Buffett backs the tax.

Continue reading Obama to keep 'death tax' alive

Obama to keep 'death tax' alive originally appeared on BloggingStocks on Mon, 12 Jan 2009 14:30:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Barack ObamaBarackObamadeath taxDeathTaxEstate TaxEstateTaxfeaturedObamaTAXeSWarren BuffettWarrenBuffettMon, 12 Jan 2009 14:30:00 EST<![CDATA[Buffett wants a tax increase, not an aristocracy]]>http://www.bloggingstocks.com/2007/11/15/buffett-wants-a-tax-increase-not-an-aristocracy/http://www.bloggingstocks.com/2007/11/15/buffett-wants-a-tax-increase-not-an-aristocracy/http://www.bloggingstocks.com/2007/11/15/buffett-wants-a-tax-increase-not-an-aristocracy/#commentsFiled under: , , , ,

In testimony to congress, Warren Buffett expressed his opinion that the inheritance taxes were meant to recirculate accumulated great wealth and that repealing them would support an undesirable "aristocratic dynasty of wealth."

Republican arguments in favor of repealing the so called "death tax," permanently, mention two concepts they think are unfair. One is that the money has already been taxed and the other is that to satisfy inheritance tax requirements, heirs are forced to break up family businesses or farms and sell assets at what might not be an appropriate time or fair value.

The idea that our earnings are taxed more than one time is pretty weak to me. First of all, we are not taxing the one that earned it (they're dead), we're taxing the heirs who did not earn it. Besides, most money is taxed every time it changes hands. It is taxed when earned, when you buy or sell something, when you win the lottery, gamble or make money on a game show, receive a large gift and more. Using gift taxes as the most similar -- are not the heirs receiving a large gift?

Continue reading Buffett wants a tax increase, not an aristocracy

Buffett wants a tax increase, not an aristocracy originally appeared on BloggingStocks on Thu, 15 Nov 2007 11:41:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>death taxDeathTaxinheritance taxesInheritanceTaxesSheldon liberSheldonLibertax policytaxationtaxesTaxPolicyWarren BuffettWarrenBuffettThu, 15 Nov 2007 11:41:00 EST<![CDATA[Barron's misses the boat on estate tax]]>http://www.bloggingstocks.com/2007/07/02/barrons-misses-the-boat-on-estate-tax/http://www.bloggingstocks.com/2007/07/02/barrons-misses-the-boat-on-estate-tax/http://www.bloggingstocks.com/2007/07/02/barrons-misses-the-boat-on-estate-tax/#commentsFiled under: , , , , ,

The recent Barron's cover story which anointed Mitt Romney and Bill Richardson as the candidates best suited for investors contained this political propaganda: "Polls show that most Americans consider estate taxes to be unjust."

That statement is misleading.

The latest Gallup poll on the topic from 2000 showed that 53% of people surveyed didn't know enough about the estate tax to have an opinion. Once the issue was explained to them, 60% said they favored eliminating it though only 17% said they would personally benefit from such a move.

Exactly how this was explained isn't clear and a recent Yale University paper argued that people's opposition to the estate tax evaporates once they learn how few people actually pay the tax and the enormous $30 billion to $40 billion hole it would leave in the federal budget if it were repealed.

Continue reading Barron's misses the boat on estate tax

Barron's misses the boat on estate tax originally appeared on BloggingStocks on Mon, 02 Jul 2007 18:00:00 EST. Please see our terms for use of feeds.

Read | Read | Permalink | Email this | Comments]]>alternative minimum taxAlternativeMinimumTaxbill richardsonBillRichardsondeath taxDeathTaxdemocratsestate taxEstateTaxmitt romneyMittRomneyrepublicansrudy guilianiRudyGuilianitaxesMon, 02 Jul 2007 18:00:00 EST