'Devastating' death tax hopefully near its end

Sunday, January 6, 2013
 | 
Chris Woodward (OneNewsNow.com)

It's long been said that the only thing certain in life is death and taxes -- and this year, the death tax will still be around.

As part of the recent "fiscal cliff" agreement, estates will now be taxed at a top rate of 40 percent, with the first $5 million in value exempted for individual estates and $10 million for family estates.

Martin, Jim (60 Plus Association)Jim Martin, chairman of the 60 Plus Association, says it could have been worse.

"We could have gone back to only a million-dollar exemption and a 55-percent rate on anything over a million," he poses. "Now $1 million sounds like a lot of money, but there a lot of farmers and small businessmen and women all over the country who may on paper be worth $1 million, but it's all tied on with land and equipment and inventory."

Martin goes on to argue that the tax is essentially a double tax on income and property that someone has already paid over time.

"In fact, there are some economists who say it could be considered a triple or quadruple tax," he relays. "The state inheritance tax is another tax. Once Uncle Sam has taken his hunk, a lot of the states have a state inheritance tax. There [are] about a dozen states that still have one."

Regardless, Martin asserts that the death tax is "anti-family, anti-business and anti-minorities."

"These minority businesses all around the country are devastated by this tax," he laments. "When the owner dies, guess who is the first claimant in line? Uncle Sam -- not even a blood relative. We think that is immoral, if nothing else."

In December 2012, the 60 Plus Association announced it was reassuming its leadership role in the fight to end the death tax, following the demise of the American Family Business Institute. Martin is confident it will be fully repealed by the end of this decade.

We moderate all reader comments, usually within 24 hours of posting (longer on weekends). Please limit your comment to 300 words or less and ensure it addresses the article - NOT another reader's comments. Comments that contain a link (URL), an inordinate number of words in ALL CAPS, rude remarks directed at other readers, or profanity/vulgarity will not be approved. More details

SIGN UP FOR OUR DAILY NEWSBRIEF

SUBSCRIBE

VOTE IN OUR POLL

What's your reaction to Ted Cruz's speech & non-endorsement of Donald Trump?

CAST YOUR VOTE

GET PUSH NOTIFICATIONS

SUBSCRIBE

LATEST AP HEADLINES

DNC rules meeting agrees to a compromise on superdelegates
Kaine liberal appeal muted by energy ties, abortion concerns
WNBA withdraws fines for teams that wore black warmup shirts
5 dead in Texas apartment complex shooting including suspect
Power restored to National Mall, some museums still closed
IS attack on Afghan protest kills at least 61, wounds 207
Floods kill at least 154 across China, leave scores missing
Turkey seizes over 2,250 institutions in post-coup crackdown
Alaska parental notification abortion law struck down

LATEST FROM THE WEB

Kaine makes Clinton campaign debut amid backlash from the left
Failed coup in Turkey an end times marker?
ISIS takes credit for deadly explosion in Kabul
Hillary to challenge Black Lives Matter with Tuesday DNC program
Trump trying to drive wedge between liberals over Dem VP pick Kaine

CARTOON OF THE DAY

Cartoon of the Day

REASON & COMPANY

NEXT STORY
A look at this year’s Social Security changes

An expert in retirement security is adding his two cents to thoughts on this year's changes with Social Security.