Obama Budget Creates Second Death Tax
Feb 2, 2015 16:32:09 GMT -6
dirkgently, bonhommearmonica, and 1 more like this
Post by Deleted on Feb 2, 2015 16:32:09 GMT -6
This is Pure Greed, Take from the Grieving Families any thing than May Keep Them Ahead of The Government, Or Middle Class,,, I'm talking about the Old Family Farm or Business.
You know,,,, The only Promise a Liberal makes that he can keep. Death and Taxes.
This is Just Thievery from the Hopes and Dreams of the Departed to their Surviving Family Members.
Hey, Slaves,,,Welcome to Obamas Hope and Change Progressive Plantation and That's A Fact!
Think about it Friends,,, You or your parents worked and saved and they stayed in the same house you were raised in and paid it off.
So, now there's something for you to sell and pay your Bills,,, Hospital Bills,,, or just put the monies in saving for your Childs education fund.
No, No, No,,,, They can't allow you to get ahead,,, or be Comfortable, NO! You must stay on your KNEES and Grovel From Hand Outs From Them,,,, OH, Yes they care,,,,They care only about how far they'll let you get ahead and survive,,,No, you must continue to Work for nothing and Slave away at your 28 hour a week job.
The Obamas may not approve of your Kind, Moving into their Neighborhood,,,,
Why, Because,
You know,,,, The only Promise a Liberal makes that he can keep. Death and Taxes.
This is Just Thievery from the Hopes and Dreams of the Departed to their Surviving Family Members.
Hey, Slaves,,,Welcome to Obamas Hope and Change Progressive Plantation and That's A Fact!
The Obama budget calls for a stealth increase in the death tax rate from 40% to nearly 60%. Here's how it works:
Under current law, when you inherit an asset your basis in the asset is the higher of the fair market value at the time of death or the decedent's original basis. Almost always, the fair market value is higher.
Under the Obama proposal, when you inherit an asset your basis will simply be the decedent's original basis.
Example: Dad buys a house for $10,000. He dies and leaves it to you. The fair market value on the date of death is $100,000. You sell it for $120,000. Under current law, you have a capital gain of $20,000 (sales price of $120,000 less step up in basis of $100,000). Under the Obama plan, you have a capital gain of $110,000 (sales price of $120,000 less original basis of $10,000).
There are exemptions for most households, but this misses the larger point: the whole reason we have step up in basis is because we have a death tax. If you are going to hold an estate liable for tax, you can't then hold the estate liable for tax again when the inheritor sells it. This adds yet another redundant layer of tax on savings and investment. It's a huge tax hike on family farms and small businesses.
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Under current law, when you inherit an asset your basis in the asset is the higher of the fair market value at the time of death or the decedent's original basis. Almost always, the fair market value is higher.
Under the Obama proposal, when you inherit an asset your basis will simply be the decedent's original basis.
Example: Dad buys a house for $10,000. He dies and leaves it to you. The fair market value on the date of death is $100,000. You sell it for $120,000. Under current law, you have a capital gain of $20,000 (sales price of $120,000 less step up in basis of $100,000). Under the Obama plan, you have a capital gain of $110,000 (sales price of $120,000 less original basis of $10,000).
There are exemptions for most households, but this misses the larger point: the whole reason we have step up in basis is because we have a death tax. If you are going to hold an estate liable for tax, you can't then hold the estate liable for tax again when the inheritor sells it. This adds yet another redundant layer of tax on savings and investment. It's a huge tax hike on family farms and small businesses.
link
So, now there's something for you to sell and pay your Bills,,, Hospital Bills,,, or just put the monies in saving for your Childs education fund.
No, No, No,,,, They can't allow you to get ahead,,, or be Comfortable, NO! You must stay on your KNEES and Grovel From Hand Outs From Them,,,, OH, Yes they care,,,,They care only about how far they'll let you get ahead and survive,,,No, you must continue to Work for nothing and Slave away at your 28 hour a week job.
The Obamas may not approve of your Kind, Moving into their Neighborhood,,,,
Why, Because,