General Discussion

Warren DeMontague

(80,708 posts)

16. Simple fact, although people may not want to hear it; the exemption was NEVER going to go back down

Mon Jan 7, 2013, 12:55 PM

Jan 2013

to $1 Million.

The reason? States like California. New York. States with powerful, influential Democratic Senators and Representatives, by the way.

States with real estate values- rightly or wrongly, fact is that's where they are- which can easily put the "estates" of fairly ordinary folks within range of the old exemption. Leading to heirs potentially having to sell the family home to pay the taxes on it.

This is why the exemption was going to be raised.

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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

Robber Barons are now called Job Creators leftstreet Jan 2013 #1

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

Facts on DU what is this? Harmony Blue Jan 2013 #4

why did I see the number 10 million as well No Compromise Jan 2013 #5

It's $5 million per person so for a married couple/family estate it's $10 million total. n/t PoliticAverse Jan 2013 #8

And just to be clear... FreeJoe Jan 2013 #6

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

+100000 No Compromise Jan 2013 #13

We got screwed by the republicans. President Obama dropped the ball Dkc05 Jan 2013 #10

Well. bluestate10 Jan 2013 #11

But he gave in on billions in estate taxes Dkc05 Jan 2013 #12

"Obama got tax rates raised back to Clinton levels" hfojvt Jan 2013 #15

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

except Obama did not SAY $40,000 a year hfojvt Jan 2013 #18

Right, but had the Bush cuts expired- something I would have been fine with, BTW- Warren DeMontague Jan 2013 #21

that's what a losing negotiation is hfojvt Jan 2013 #27

The original cutoff was 250k because thats already where the top maginal rate started. Warren DeMontague Jan 2013 #36

perhaps the actual fact, that you want to pretend isn't important hfojvt Jan 2013 #40

I would have been fine with all the cuts expiring. Warren DeMontague Jan 2013 #42

Obama does not deserve a small amount of credit hfojvt Jan 2013 #44

and lowered the rate from 55% to 40% hfojvt Jan 2013 #14

Simple fact, although people may not want to hear it; the exemption was NEVER going to go back down Warren DeMontague Jan 2013 #16

simple fact then hfojvt Jan 2013 #19

I guess you didn't hear me. Warren DeMontague Jan 2013 #20

Maybe "many" but very, very far from even a significant minority. TheKentuckian Jan 2013 #23

Someone asked the question, I answered it. Warren DeMontague Jan 2013 #37

The house we are renting in San Diego could, with just a little renovation, be valued at $500K. haele Jan 2013 #25

I think you are undervaluing houses in Texas and Ohio hfojvt Jan 2013 #29

Original owner who bought a house in 1957 for $20K . California real estate market pre Prop 13 upped haele Jan 2013 #30

I am still not seeing a huge hardship hfojvt Jan 2013 #35

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

I guess you did not hear me hfojvt Jan 2013 #28

Where are you getting that 10% figure? Warren DeMontague Jan 2013 #39

I pulled it out of my a$$ hfojvt Jan 2013 #41

Then they aren't ordinary. If they were they would have to sell it Demo_Chris Jan 2013 #43

Old estate tax myths never die. LiberalAndProud Jan 2013 #22

Hell no, they instead spread like cancer through the ideological spectrum. TheKentuckian Jan 2013 #24

Obama caved on this--- can he change it now. maybe by exectutive order Dkc05 Jan 2013 #26

Yes, the 8 people who pay the tax sure got a deal. jeff47 Jan 2013 #31

This is the element of the deal I am most pissed off about democrattotheend Jan 2013 #33

Yes and no. The idle rich don't compete for jobs at the lumberyard. n/t lumberjack_jeff Jan 2013 #34