Obama Announces Estate Tax Deal With Republicans: 35% Tax Rate And $5 Million Exemption, For Two Yea

[Frank Booth]

Source: Forbes

On December 6, 2010, President Obama announced that a tentative deal has been reached with Republicans to extend the Bush Tax Cuts.

Significantly, the estate tax would come back in 2011, but at an exemption and rate that many Republicans have been arguing for. Under the deal, the estate tax exemption would be up to $5 million for individuals and $10 million for couples. The tax rate would be at 35%. The exemption and rate would be in effect for two years.

Read more: http://blogs.forbes.com/hanisarji/2010/12/06/obama-announces-estate-tax-deal-with-republicans-35-tax-rate-and-5-million-exemption-for-two-years/

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This story's kind of getting swept under the rug, and I'm not sure why. We all knew the classic Obama cave was coming on income tax rates for the wealthy. But now it appears he gave away the farm not just once but twice for no good reason. The estate tax would have reverted to the $1 million exemption and the max 55% rate if Obama hadn't "negotiated" with the Republicans.

[gmoney]

1. This DOES take away the Puke talking point about "family farms"

Even though they could not produce a single example of a family farm that had been lost due to the Federal Estate Tax, they were still able to prattle on and convince a lot of people that someday, they TOO might be subject to this tax that effects only a tiny portion of a percent of individuals.

[moose65]

2. At least there will BE an estate tax next year......

There was NO estate tax this year. I could live with the $5 million exemption if the rate went back to 55%.

[gmoney]

3. Look for a bunch of suspicious deaths of wealthy folks in the next 4 weeks.

"Gramma Buxton, you don't look so well... here, let me adjust your pillow..."

[Creative]

42. Since this money has already been taxed, it seems unfair to tax it so heavily.

But the worst part is all of the wasted time and effort that goes into estate planning, wills, trust funds, etc.

Oh well, as long as the so-called rich are being hurt, I guess it really doesn't matter if the tax code spans 13,748 pages.

[defendandprotect]

45. Purpose is to prevent the monopoly of wealth ... and that wealth creating unjust political

power --

Wealth is monopoly -- and at a given time should be returned to the public coffers.

and it effects something like one tenth of one percent of the population --

That's one tenth of one percent --

[Creative]

46. Yes, with the new, higher limit that will go untaxed, less people will be

effected. However, the people that I know who are rich worked very, very hard for their money. Why shouldn't they be the ones who decide who gets it after they die?

[xchrom]

4. Recommend

[BrklynLiberal]

5. Good thing they did not ask for more..or he would have "negotiated" away even more.

Pathetic..just sickeningly pathetic.

Right now, I wish that Hillary Clinton had won the Democratic Primary!! It could not have been worse than this..

[RaleighNCDUer]

10. Other than being at war with Iran -

though the verdict is still out on that one, too.

[pa28]

6. Originally the reported deal was top tier tax cut extension for UI extension.

I wonder if the Republicans started from the pre-surrendered position, pushed for additional concessions . . . and got them.

[Frank Booth]

14. This reminds me of the time he unilaterally announced he would open off-shore drilling

off the east coast.

The more I see him at work, the more I wonder if he's giving away all these far-right concessions because he likes the far-right policies.

[howmad1]

21. Gotta hand it the rethuglicans:

Choosing Obama to run as the democratic candidate for president was a stroke of genius.

[TheEuclideanOne]

24. Didn't I hear that somewhere before?

Saw somebody else post the exact same comment on a different thread. It was funny the first time.

[juajen]

38. You might have seen a post of mine. I knew republicans who

crossed over to vote for Obama to keep Clinton from getting the nod. Gee, wonder why the right wing hates Hillary so much, and why weren't we all pulling for the candidate the pugs hated? We have seen the enemy and he is us.

[Le Taz Hot]

35. No, it's becuse he's a tool for the same corporate sponsors

that are backing both major political parties.

[EmeraldCityGrl]

7. Obama won't need the base's vote in 2012

at the rate he's going it'll be Republican's that vote him back into office.

What a pleasant surprise he's been for so many of them.

[Ter]

30. The Reps I talk to hate him more than Bill Clinton

And if you remember, they despised him for some reason too.

[EmeraldCityGrl]

32. I'm not speaking of your everyday

run of the mill, racist, teabagger. I'm referring to the MIC, the upper tier, top 2%. The bankers
and all the others that have confiscated the wealth of our once great middle class.

[juajen]

37. I don't believe he was a surprise at all. Many republicans voted for him.

[EmeraldCityGrl]

39. I always assumed that was because Palin was a dimwit.

Never occurred to me it was because they felt he would
better serve their fiscal ideals.

[bowens43]

8. Obama caves twice in one deal..........

the man may as well be a republican

[RaleighNCDUer]

12. What an absurd comparison -

the Republicans DON'T cave.

[caseymoz]

17. He's further right than Reagan,

And almost as right as Dubya.

[lonestarnot]

9. For fuck! He didn't! Damn him into hell!

[JackDragna]

11. Five million? For God's sake.

Hooray for the power of inherited wealth.

[Name removed]

13. Deleted message

Message removed by moderator. Click here to review the message board rules.

[comtec]

15. you are such a fake...

you are so amazingly full of it.
i would let loose, but for the TOS prevents me.
but your kind are not welcome here.
go back to freeperville you libertarian scum!

[Hassin Bin Sober]

16. Bullshit!

[caseymoz]

18. Why don't you complain about how property values are assessed.

That sounds like the real problem there. It's not a double taxation. They didn't tax them twice. It's transactional. They taxed it over the years, and then they taxed it when its ownership passed to you.

Look to your county assessor for their assessment scheme.

Is the fact that your assessed property taxes every year a twice taxation or multiple taxation? Is the fact that you pay earnings tax and then sales tax being "taxed twice?"

It's just a matter of terms, but one thing for sure, they paid the taxes, then you pay the taxes. No one was taxed twice. Period.

[brentspeak]

19. self-del (sorry, posted in the wrong place)

[brentspeak]

20. Your parents' estate would have had to be at least $1 million FMV to be subject to the estate tax

And that's an "at least" situation, as the estate tax exemption is often well over $1 million, varying from year-to-year.

Assuming that really is the case -- cry us a river. After taxes, your parents' estate would be still be worth at least $600,000 to you (at a 40% taxed rate). That's at least $600 G's of free money/property that you yourself didn't so much as lift a finger to actually earn. You merely inherited it. And, of course, you yourself were never double-taxed for anything (and neither were your parents, as they would not have been alive to pay any estate tax).

In a nation where people are now forced to live in automobiles because they couldn't foot the medical bills, you're the last person we should cry tears over.

[24601]

43. Perhaps the limit would be better applied to the recipient rather than

to the estate.

[russspeakeasy]

22. Here's an idea...tax cuts for the rich; stop all the wars and bring our peace troops home.

[laconicsax]

28. Can't do that--it would actually energize the base. n/t

[russspeakeasy]

23. DUMB DUMB DUMB..He sounds like sister Sarah.

[golfguru]

25. Smart move by the president

4 more years are now in the bag.

Common people he needs to get re-elected. He can't do it with
only his base, which is around 20-25%. He needs the big wide middle.

[Hardrada]

27. It's a lost cause.

Stormfront thinks BHO is an anthropoid ape.(Unfair to apes). Free Republic thinks he is a Marxist as do Limbaugh and Beck. And that's the GOP. The liberals and left have realized he is a Quisling corporate sell-out and that is a large part of the Democratic party. But of course we are going to be leaving. So who does that leave you with, sport?

[golfguru]

29. The vast middle who does not watch Beck or listen to Limbaugh

If you add up all their audience, it is barely 15 million.
Freepers don't even amount to 1/10 of a million. That leaves 150 million
adults to be exploited.

Overwhelming majority of American voters are political neophytes.
They go by what they feel. It is the 30 second sound bites is what they know.

The liberals are certainly not going to vote for any of the leading contenders
in GOP, certainly not Palin, not Newty, not Huckster. Mittens might attract quite
a few liberals but there is no chance he gets the nod. Religious bias is big in GOP.
Blacks will break down doors to vote 95% for Obama.

Nah, I see a very smart political move by the president.

[Hardrada]

33. If you liked 2010, you'll love 2012.

And the corporate $$ will be rolling into GOP attack ads. Most people are not going for the lesser evil and will stay home demoralized as they JUST DID. Maybe you can learn from history if it is recent enough. Obamatrons are going to have few friends and if you prod the "middle" to be politically alert they are going to come after the swine who stole their Social Security and rewarded the billionaires once again.

[golfguru]

40. Obama was not on the ballot in 2010

Blacks, especially, were not eager to trod down to the voting booth.
Big difference.

[Hardrada]

41. We'll lose worse with him on the ballot.

He'll get the vote of his supine apologists though.

[Democat]

26. No spine at all.

Why bother.

[Fool Count]

31. How is that a "deal"?

What do we get?

[COLGATE4]

34. Our Invertebrate-in-Chief nt

[lunatica]

36. Republicans are sure it will sunset as Obama loses the 2012 elections

So the next President, who will probably be a Republican like Newt Gingrich will simply make the tax cuts permanent.

[defendandprotect]

44. "If Bush had done this" .... Wow -- !!

[tpsbmam]

47. And I volunteered for, contributed to and voted for B. Obama (R). Fuck this shit. nt