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Forum Post: Estate Tax Fraud

Posted 3 years ago on April 19, 2015, 8:49 a.m. EST by agkaiser (2128) from Fredericksburg, TX
This content is user submitted and not an official statement

My US Congressman, Lamar Smith - Texas 21, recently appealed to me and all of his constituents to support the repeal of the estate tax. Perhaps your congressman takes a similar stance. I'll copy this into the email form at Hon. Smith's house.gov site.

Lamar Smith email 4/15/15: "Taxes like the death tax are the reason why families can face taxes as high as 40 percent after the death of a loved one. These taxes are the reason why many family farms and small businesses must be sold, and are also part of the reason why 70 percent of businesses do not survive to the second generation. That is why I'll vote in favor of a bill to repeal this tax." [do not reply to] tx21ima@mail.house.gov

from: Instructions for Form 706 Internal Department Revenue of the Treasury Service (Rev. August 2014) For decedents dying after December 31, 2013 United States Estate (and Generation-Skipping Transfer) Tax Return ... What's New Various dollar amounts and limitations in the Form 706 are indexed for inflation For decedents dying in 2014, the following amounts are applicable: The basic exclusion amount is $5,340,000. ...

As is seen on the first page of the IRS i706 instructions, everyone gets a $5,340,000 exclusion. Table A on page 5 indicates that he 40% applies to the TAXABLE amount over $345,800. http://www.irs.gov/pub/irs-pdf/i706.pdf

What's obvious when all the facts are disclosed is that the horrible burden of 40% of the excess over $5M++ only applies to about 0.2% of the population. They are unlikely to starve on $600,000 of every million, especially since they have well over $5,000,000 that's exempt to begin with.

So if one speaks only truths but evades, hides, dissembles and otherwise diverts and obscures the whole truth, is that person honest? Is lying about the truth of the words that come out of one's mouth or the intention to deceive?

Perhaps you'd like to change the name and district of the congressman to your own and post it to her/him at house.gov. Better yet, forward this to your friends and acquaintances in your congressional district. Even if your congressmen are honest, they will benefit from the constructive input.



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[-] 5 points by agkaiser (2128) from Fredericksburg, TX 3 years ago

How many "family" farms and "small" businesses are owned by the 0.2%?

There are two kinds of conservatives: liars and the fools who believe them. Worse ... most of them are both!

[-] 4 points by elf3 (3947) 3 years ago

Eliminate monopolies make new laws to abolish subsidiaries and father group connections...then you won't have such extreme wealth to even be transferred. Abolish corporate personhood! Reign in corporate rule!!!

[-] 6 points by agkaiser (2128) from Fredericksburg, TX 3 years ago

We'll have to awaken the fools that are 99.1% of everyone [99% and 90% of the 1%] in order to make any of your common sense proposals doable. I've been runnin' into that wind for at least fifty years. I'm a little tired as I approach my 70th year, less than two weeks away, but I'm not dead yet!

[-] 1 points by MattHolck0 (3867) 3 years ago

property no mention -1

[-] 1 points by OccupyNews (1220) 3 years ago

It's still too high. It should be 10% after the agreed upon exclusion. 40% is too high. This is how the public is repeatedly fooled. The existing law is ridiculously stilted one way, so they repeal the law and bend it ridiculously wrong the other way. Just make it 10%, maybe 15% after 10 million dollars. Considering the kids did not earn it, they should not be whining about that percentage.

[-] 2 points by factsrfun (8491) from Phoenix, AZ 3 years ago

Really? you would have the inheritance tax on a billion dollars be at a much lower rate than wages? I am shocked, I must say. Do you also support taxing dividends and capital gains at a fraction of wages?