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In reply to the discussion: What happened to the estate tax? Had to keep that at no tax on 10 million to create jobs? [View all]ProSense
(116,464 posts)2. On the estate tax, the deal worked out was better than the Senate bill that previously passed
This deal was better than the previous Senate bill that everyone wanted the House to pass.
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=112&session=2&vote=00184
The estate tax was a sticking point with even Democratic Senators (the Senate bill above kept it at $5 million with a rate of 35 percent). This is how the proposals facing Republicans measured up:
1) Accept the President's proposal with "dividends to be taxed as ordinary income" and the "estate tax to be levied at 45 percent on inheritances over $3.5 million."
2) Pass the Senate bill, "which currently taxes inheritances over $5 million at 35 percent," but excludes Obama's dividend proposal.
3) Go over the cliff when "the estate tax is scheduled to rise to 55 percent beginning with inheritances exceeding $1 million."
G.O.P. Balks at White House Plan on Fiscal Crisis
http://www.nytimes.com/2012/11/30/us/politics/fiscal-talks-in-congress-seem-to-reach-impasse.html
The deal increased the rate to 40 percent.
Raises tax rates on the wealthiest estates: The agreement raises the tax rate on the wealthiest estates worth upwards of $5 million per person from 35 percent to 40 percent, in contrast to Republican proposals to continue the current estate tax levels.
Capital gains goes to 23.8 percent and a tax increase also applies to incomes at $250,000
http://www.democraticunderground.com/10022116613
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What happened to the estate tax? Had to keep that at no tax on 10 million to create jobs? [View all]
No Compromise
Jan 2013
OP
On the estate tax, the deal worked out was better than the Senate bill that previously passed
ProSense
Jan 2013
#2
Individual estates up to $5 million are excluded, estates above that pay 40%. n/t
PoliticAverse
Jan 2013
#3
It's $5 million per person so for a married couple/family estate it's $10 million total. n/t
PoliticAverse
Jan 2013
#8
As long as the married couple is not gay, in which case the feds still screw them over on taxes
awake
Jan 2013
#7
Yes the Federal government doesn't recognize same-sex marriage re tax purposes...
PoliticAverse
Jan 2013
#9
He wanted to raise taxes on people at the top without them going up for people making, say, 40K a yr
Warren DeMontague
Jan 2013
#17
Right, but had the Bush cuts expired- something I would have been fine with, BTW-
Warren DeMontague
Jan 2013
#21
The original cutoff was 250k because thats already where the top maginal rate started.
Warren DeMontague
Jan 2013
#36
Simple fact, although people may not want to hear it; the exemption was NEVER going to go back down
Warren DeMontague
Jan 2013
#16
The house we are renting in San Diego could, with just a little renovation, be valued at $500K.
haele
Jan 2013
#25
Original owner who bought a house in 1957 for $20K . California real estate market pre Prop 13 upped
haele
Jan 2013
#30
And the "ordinary" couple that owns 20 of them would be exempt from taxes.
lumberjack_jeff
Jan 2013
#32
They wont find the etates liable now, since the exemption has been raised permanently.
Warren DeMontague
Jan 2013
#38
Hell no, they instead spread like cancer through the ideological spectrum.
TheKentuckian
Jan 2013
#24
Yes and no. The idle rich don't compete for jobs at the lumberyard. n/t
lumberjack_jeff
Jan 2013
#34