Wall Street Journal, A Very Grim Reaper: Another Tax That Democrats Want to Raise From the Dead:
While Washington debates whether to raise taxes on incomes and dividends next year, another huge tax increase looms as an even grimmer reaper: The death tax, which is currently zero, but will return to a rate of 55% next year if Congress fails to act.
Some Democrats don't want to stop there. The Senate Redistribution Caucus—Bernie Sanders (Vermont), Sheldon Whitehouse (Rhode Island), Al Franken (Minnesota), Sherrod Brown (Ohio) and Tom Harkin (Iowa)—are sponsoring the Responsible Death Tax Act to take the federal rate to 65% on large estates. Why stop at two-thirds, guys? Clearly, you think the government has a right to every penny a man makes in a lifetime.
These same five plus Budget Chairman Kent Conrad of North Dakota also want to retroactively apply a death tax to January 1, 2010 on the estates of those who have already died this year. Their revenue grab gives new meaning to the phrase grave robbers. …
This is one more example of the way the current Democratic majorities put their wealth-spreading agenda above wealth creation, or even economic common sense. If it moves, they tax it. If it stops moving, they tax it more.
6 responses to “Democrats Push Retroactive 65% Estate Tax Rate”
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
Harkin: one for you, two for me
You think it’s bad that the top estate tax rate will go to 55% next year? Iowa’s own Senator Harkin…
This bill is a joke and has no chance of passing.
Was it Prof. Boris Bittker who gave Congress the idea that so-called tax loopholes cost the government money?
At least that is what I remember from my days at the University of Wisconsin School of legal indoctrination.
How far we have come–much change but no improvement. Perhaps the Sanders-Franken gang’s law has no chance of passage, but watch out for a lame duck Congress giving a final gift to the people
Anything that is passed will give estates the option to comply with 2009 law.