Friday, October 07, 2011

Repeal the Death Tax--from 0 to 35% in 2011

"America’s family businesses and farmers were hit by a large estate tax increase, from 0% to 35%, at the beginning of 2011, making planning and passing on farms and businesses to the next generation even more difficult. As it stands, more than 70% of family businesses do not survive to the second generation, and a full 90% of family businesses do not survive to the third. In 2011, the political landscape has changed but family businesses are still struggling, family farms are liquidating, and even more jobs are at stake."

I didn't realize the death tax had made such a comeback. Why does the Obama administration hate small businesses and farmers so much? Easy. They are the backbone of the economy, and he wants it to collapse. So when conservatives say we want him to fail, we mean we don't want him to collapse the economy with oppressive taxes and regulations that destroy businesses and jobs.

My mother and her siblings inherited their parents' farms in Illinois and Iowa when they died in 1963 and 1968, however, the taxes then were so oppressive, most of the land had to be sold in order to pay the taxes.

"As part of the tax deal struck at the end of 2010, Congress set the death tax at 35 percent with a $5 million exemption for 2011 and 2012. The death tax did not apply in 2010 because the 2001 and 2003 tax relief abolished the harmful tax. Even though the death tax is resurrected, the new rate and exemption levels represent a substantial improvement from where the death tax was in 2000 before the tax cuts: 60 percent with just a $1 million exemption. Despite the positive advances the death tax is back in place and therefore has resumed destroying jobs and slowing the economy."

Death Taxes

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