Death Tax Failure A Shame

The federal estate tax, also known as the death tax, will be a burden for at least a few more years. Libs opposed to anything representing success and achievement have prevented Republicans from doing away with perhaps the worst tax on the books. Instead of eliminating the tax, it will increase the exemptions beginning in 2010. The exemptions would be $5 million of an individual's estate, and $10 million of a couple's estate. After that, an estate worth up to $25 million would be taxed at capital gains rates, currently 15 percent and scheduled to increase to 20 percent in 2011. Estates worth $25 million or more would be taxed at twice capital gains, currently 30 percent and increasing to 40 percent.

Let's do the math... In 2011, a couple leaves an estate valued at $25 million. With the exemption of $10 million, that couple's heirs will wind up paying $6 million in estate taxes (40% of the remaining $15 million). That would, in all likelihood, mean selling off a good portion of the estate to raise the cash to pay the taxes. So, the heirs will not only have been taxed a huge amount, but will have lost a sizeable portion of their inheritance, just to pay taxes for inheriting it.

Someone please explain to me where it is just or fair to tax personal property being passed from parents to children. You work hard all your life to build something, then you can't pass it on to your flesh and blood without the government getting a cut. Somehow, I don't believe the founding fathers envisioned the goverment they created stooping to such lows. Our leaders should be ashamed.

When this most onerous tax could have been eliminated, it's instead been given new life. Now it will be an unfair burden on the more wealthy. Lord knows, the evil wealthy deserve to be taxed. Building companies, creating jobs for people, supporting charities and universities... evil rich people.