[Dems2008] Re: Why Obama

This is one of the issues that keeps states like WY Republican.
These old ranch families don't want to have to sell parts of the home
ranch to pay estate taxes. They want to pass it on intact.

Sandra

In Dems2008@yahoogroups.com, "citation502" <citation502@...> wrote:
>
>
> Carol, there is a lot of demgaguery about the federal estate tax,
and
> its repeal is sold to folks with less than the full truth of the
matter.
>
> * The estate tax is just another revenue source for the govt;
and so
> the question is not whether the revenue should be collected from
us, but
> from whom and via which vehicle should it be collected. In my view
> (and these are policy questions on which we can all differ) I would
> rather take a dollar of tax from a dead guy's estate (before the
balance
> passes as a pure windfall to a child or others) than I would take
that
> dollar from a working person trying to raise and educate his or her
> children. So the estate tax (which hits a very small percentage of
> folks in this country) is a better more preferred source (in my
view)
> than the same dollar coming via the income tax
> * second, the step-up in asset basis is always ignored in these
> discussions: if I buy a house for 100K and it's worth $2 million
when
> I die, my devisee takes the date of death fair market value as a
stepped
> up basis. Seems only fair that since ASSETS (not cash) are the
bulk of
> the estate of a person subject to estate tax, a fair tradeoff for
the
> windfall from the basis step-up is to tax that asset at death. The
> earner is DEAD; the legatee or devisee is a windfall beneficiary.
>
>
> --- In Dems2008@yahoogroups.com, Carol Roberts <carolroberts1@>
> wrote:
> >
> > Wow, I mostly agree with your positions on things, except for the
> estate
> > tax. It taxes after-tax money. I know the threshold has been set
very
> > high, but I remember the days when I represented widows who had to
> sell
> > their houses in order to pay the estate tax. I don't care that the
> > people who now pay estate tax have several houses, its not right.
> >
> > Carol
> >
> > citation502 wrote:
> > >
> > >
> > * I support huge tax cuts for those earnings less than 100K, and a
> > > repeal of the suspension of the estate tax
> >
>

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