Posted 3 years ago on April 19, 2015, 8:49 a.m. EST by agkaiser
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] email@example.com
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.