Wednesday, July 2, 2008

Death and Taxes - how to make the most out of dying???

If you are going to die, the year 2010 is the time to do it. That is the year when estate tax will fall to 0% (it was 45% as of May 30th, 2008). This stems from GW's first tax cut bill in 2001, and the plan was to slowly but eventually eliminate the "death tax" altogether. Great news, right? Well, only if you die in 2010. Should you live until 2011, 55% of your assets are going to Washington, and not to your beneficiaries. Congress has seen to it that the estate tax be reinstated in 2011 at the higher rate. This of course is creating chaos for those that are actually getting closer to St. Peter (writing of multiple wills, family members following them around with weapons, etc). For all you statisticians out there, this estate tax (including that taken on the wealthy) only accounts for 1% of all tax revenue. I say, get rid of the death tax once and for all (unless I go in 2010).

1 comment:

Anonymous said...

It is a shame that there are not more people standing up to abolish the death tax. Problem is the people most likely to complain have passed away. Then the taxed money in some cases is going to family members who are too lazy to speak up. write your congressman guys!