tag:blogger.com,1999:blog-15329279.post8279770665674369534..comments2023-08-25T05:18:29.312-06:00Comments on Madville Times: Estate Tax Relief vs. Balanced Budget: Pick Your Prioritycaheidelbergerhttp://www.blogger.com/profile/03261598066395322681noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-15329279.post-9553429707712069812010-07-17T11:04:21.707-06:002010-07-17T11:04:21.707-06:00Just read: Democrat Blanche Lincoln of Arkansas an...Just read: Democrat Blanche Lincoln of Arkansas and Republican Jon Kyl of Arizona hope to attach the new estate tax to a small business lending bill pending in the Senate. Their bill would set the top estate tax rate at 35 percent, with a per-person exemption of $5 million, indexed to inflation.<br /><br />http://www.huffingtonpost.com/2010/07/17/senators-move-to-revive-e_n_650059.htmlJohnSDhttps://www.blogger.com/profile/01232529806415462712noreply@blogger.comtag:blogger.com,1999:blog-15329279.post-63891359413105077482010-07-17T01:30:12.017-06:002010-07-17T01:30:12.017-06:00The estate tax can cause immense problems for peop...The estate tax can cause immense problems for people who inherit large estates that they didn't work for.<br /><br />One big glitch arises out of the fact that much of an estate may exist in the form of real property, whilst (if I understand it right) the IRS demands payment of the tax immediately and in cash.<br /><br />Heirs may find themselves desperately trying to unload real property at "fire sale" prices to pay the tax before interest kicks in.<br /><br />Things would be simple if an estate consisted entirely of liquid assets such as stocks, gold, savings account, et cetera -- but that's rarely the case.<br /><br />We must also take care to educate ourselves concerning the difference between an "estate tax" and an "inheritance tax," and also on which states have which type of tax. (South Dakota has neither.)<br /><br />I've heard of siblings who've been hurled into bitter battles because they inherited large estates they did not work for and in fact have no real use for. The feuds can go on for years, for decades, for generations.<br /><br />Have we any estate planning lawyers "lurking" here who can elaborate on how immensely complicated this business actually is?<br /><br />I might also question whether we really have to choose between a balanced budget with an estate tax, and a bankrupt nation without an estate tax.<br /><br />Congress needs to get on this issue and resolve it soon -- but I won't hold my breath. It'll be interesting to see if any people commit suicide near the end of 2010, thinking that they'll be doing their heirs a favor ...Stan Gibiliscohttp://members.authorsguild.net/stangibnoreply@blogger.comtag:blogger.com,1999:blog-15329279.post-45829868895838086762010-07-16T17:16:46.438-06:002010-07-16T17:16:46.438-06:00I don't understand how conservatives can be ag...I don't understand how conservatives can be against the estate tax. Since they are all about self reliance, they should just be planning to give away any inheritance they could receive away. They didn't earn it, they just happened to be related to people that did earn it. That doesn't mean they should get it, right? (is this post boostrappy enough?)Tony Amerthttps://www.blogger.com/profile/00926509220711589398noreply@blogger.comtag:blogger.com,1999:blog-15329279.post-50299091101765933322010-07-16T15:46:51.522-06:002010-07-16T15:46:51.522-06:00Yes Stan, some reasonable amount (someone has to d...Yes Stan, some reasonable amount (someone has to decide) so money-minded families can pass on their dividends. Not create nobility, but tax enough to allow mobility. <br /><br />Hoping Cory corrects that link to the SD 50 families. Only 50? You gotta be kidding me. Shows how poor this state really is. Someone told me the average SD pretax income is lower than the average MN after tax income.JohnSDhttps://www.blogger.com/profile/01232529806415462712noreply@blogger.comtag:blogger.com,1999:blog-15329279.post-74469418666358661652010-07-16T13:45:57.101-06:002010-07-16T13:45:57.101-06:00If I recall correctly, Hillary Clinton suggested t...If I recall correctly, Hillary Clinton suggested that the estate tax return in 2011 at the 2009 level, and remain at the 2009 level thereafter. That seems fair enough to me.Stan Gibiliscohttp://members.authorsguild.net/stangibnoreply@blogger.com