Sherifview The Scam of No Inheritance Tax

Monday, December 28, 2009
The Democrats in Congress Betrayal No Estate Tax for the Rich The Scam Continues from Bush to Obama
For much of the last eight years, the majority Republicans pushed through tax break after tax break that mostly benefited the wealthy. Now in the majority, Democratic lawmakers have failed to stop yet another tax benefit for the richest of the rich from taking effect in 2010.

The tax in question is the estate tax, which President George W. Bush and Republicans and some Democrats in Congress were determined to cut from the day Mr. Bush took office in 2001. Even then, the tax hit only a tiny portion of Americans, but estate-tax foes sold Americans a myth about a “death tax” that prevented average people from passing on hard-earned money.

The result was a measure that made big reductions in the federal estate tax, phased in through 2009, and then repealed the tax, for one year only, in 2010. After that, the tax is to be reinstated at pre-2001 levels. Writing the law in that convoluted way helped to mask the true costs. It also created an untenable situation in which a one-year repeal is followed by reinstatement.

There was a giant catch, as well. In 2010, the one-year repeal of the estate tax is coupled with a new tax that will hit smaller estates. That tax could affect up to an estimated 70,000 estates next year, compared with the current estate tax law, which applies to about 5,500 estates annually. If that sounds wacky, it is. It would also be harmful to many small family businesses, precisely the group that estate-tax cutters say they want to help.

Today, the estate tax applies to estates that are worth more than $7 million (for couples), or $3.5 million (for individuals). More than 99 percent of all estates are exempt, so there is no reason to reduce or repeal the tax.

In addition, under today’s law, when heirs sell inherited property, no capital gains tax is due on the increase in value that occurred during the lifetime of the original owner. (If your parents pass on stock worth $2 million that they bought for $200,000, and you sell it for $2 million, you owe no tax on the $1.8 million gain.)

But when the estate tax is repealed in 2010, the capital gains tax will kick in once the gains in an estate exceed $1.3 million. There’s an extra $3 million exemption for assets left to a spouse.

The bottom line is this: there will be many more losers than winners under estate-tax repeal, and the losers will be among Americans who are farther down the wealth ladder.

Earlier this month, the House voted to continue the estate tax permanently as it is this year, with its more-than-generous exemptions and no tax on the sale of inherited assets.

The Senate has failed to act. Republicans refused to consider the House bill or even a two-month delay to allow time for debate. Democrats correctly refused to consider a proposal to increase the exemption to $10 million for couples and $5 million for individuals, an unconscionable giveaway to the wealthy at a time when ordinary Americans are suffering. Compared with keeping the 2009 law, it would cost $250 billion more over 10 years.

Democratic Senate leaders have said that in 2010, they will seek to restore retroactively the 2009 estate tax rules. Fairness, progressivity and the need for revenue demand just that. But failure to act in a timely way is a disturbing display of intransigence and failed leadership. That bodes ill for the more daunting tax debates next year, when the rest of the Bush tax cuts are set to expire.

American taxpayers need — and deserve — better.

http://www.nytimes.com/2009/12/28/opinion/28mon1.html?_r=1&hp
Labels: Democrats Congress Betrayal Inheritance Estate Tax Rich Scandal Bush

Sherifview Journal November 13-2010 Obama Should Say No Extended Tax Cuts Beyond $250,000 for Rich

With the ensuing confrontation with the Republican hordes Barack Obama should stick to his big guns for no extended tax cuts for the rich beyond their first $250,000. One argues that he letting go for the first two years of his adminstration was too generous.
http://www.foxbusiness.com/personal-finance/2010/11/12/obama-opposes-permanent-extension-tax-cuts-rich/?asid=8a422683
http://www.politicsdaily.com/2010/11/12/obama-pulls-back-on-tax-cut-extension-for-the-wealthy/

Sherifview Journal November-03-2010 The Day After Mid-Term Elections

Barack Obama shouldn't budge an inch and yield nothing to the Republicans the house of representatives. He shouldn't blame d elf an iota for any thing he have done.
Stupid voters who voted stupidly and this summed it up.
On the other hand Obama should pay special attention and their Medicare and social security concerns. He should restore any benefits that may have suffered.

Sherifview Journal Friday, October 29, 2010 Elections November

The main concern today is the coming election in November and the pitched battle between the Democratic and Republican parties.
All the progress made by Obama will be halted by aggressive narrow minded and viscious Republican candidates who may win many seats from Democrats. This is not good for America, but what you expect from ungrateful people?

Sherifview Journal September-30-2010 The Bush Tax Cut Era the Foot ball in Congress

http://politicalticker.blogs.cnn.com/2010/09/30/axelrod-gop-is-holding-tax-cuts-hostage/
http://www.nytimes.com/2010/09/30/us/politics/30cong.html?_r=1
Three quarters of the year had passed and lots of events took place, specially Obama Heath Reform that rose from the dead at it seamed in the early cold winter months of the year to be reality culminating of 75 years of struggle since the era of Franklin Roosevelt.
Now the tax cuts of the Bush era is the major football bitch battle between the die hard republicans and the democrats devotees. This one afraid to be the common scene in the next two years of the Obama administration as the Democrats areabout to loose their super proof majority.
Now the Republicans insisting that the rich will enjoy the tax cuts on all their income and not only the first $250,000.
In the mean time Many Americans will get hurt.
So the foot ball game of tax cuts still continues.

Sherifview Journal September 23 Ex-President Bill Clinton Jumps in the Fray

As November 2nd congrssional election approaches the Democrats need as much help they can muster and in ou rpresent case Ex-President Bill Clinton jump in the campaign season offering advice and appear on the TV media and else where.

President Barack Obama Showing Emery in Pre November Congressional Elections

President Barack Obama does not take the coming November 3nd Congressional Elections lightly and he is campaging hard to raise fubds for the Democratic candidates,

Rosy Picture Ahead September-20 2010 Sherifview Journal

Consumer buying picked up steam Monday after the National Bureau of Economic Research, the independent body of economists in charge of dating when recessions begin and end, announced that the 18-month Great Recession officially ended in June 2009.
A hopeful atmosphere is sweeping the financial markets.
That re-enforces the confidence in Barack Obama among his followers. What is next? In retrospect the skeptics and nemesis of Barack Obama should stop whining. Will this happen? Undoubtly not.

Sherifview Journal September 19 The Republican Party Women Dominating the News

Unlike the Democratic Party where no women hitting the news the Republican party have no enough women saturating the printed, audio and video media. Some of the stars of media are Sarah Palin which is a fixture of news, Michele Bachmann which dominating the rallies, demonstrations and conventions and new on the scene is Christine O'Donnell with pretty face and nice voice.
The Democrats should worry about the absence of their women from the scene

Apprehension Clouds over the Head of Democrats Obama as November Elections Nears

November 2nd, 2010 getting nearer and there is apprehension about the outcome of the congressional elections in the house and senate. The talk of the Democrats loosing seats specially those of traditionally republicans held but won in 2008.

Obama tax breaks to small businesses

http://www.nytimes.com/2010/09/15/us/politics/15cong.htm
The Senate advanced legislation to aid small businesses on Tuesday after months of Republican resistance.
President Obama strongly supports the bill, which would provide loans and tax breaks to small businesses, and its swift enactment seems assured.

With new commitments of support from Sens. George Voinovich (R-OH) and George LeMieux (R-FL), President Obama said "we are finally on the verge of passing a small business-jobs bill that will cut taxes and provide loans for millions of small business owners across America".

Journal September 13-2010 John Boehner Mellows Oposition

As sign of relief to Barack Obama Republican Minority Leader in the house John Boehner indicated that he may go along with the Obama tax reduction continuation for all within the first $250,000 income limit. Boehner would have liked though that all the income of super rich does not experience any tax increase. Note the super rich still will have their first $250,000 income taxed at the same rate as in the past ten years. Obama main focus is on the middle class.
http://johnboehner.house.gov/

Apprehnsion September-12 2010

There is apprehension about the coming November second congressional elections and loosing any seats for the Democrats to the Republicans.
September 11 the 9th anniversary passed quietly without incidents and noisy anti-Mosque and anti-Muslims demonstrations.The police kept things in check in lower Manhattan.
The anti-Obama rhetoric's dominating the CNN Sunday news shows with Candy Crowly very biased and slamming right and left.
The 2010 is winding down little by little.

September 11 Year 2010 Muslims Media Apprehension

Professional agitators like Pamela Geller and Robert Spencer they will work their wonders in causing troubles and creating rowdy demonstrations and arouse riots hatred against Muslims and Islam.

The Quraan Burning Plan by Terry Jones

The controversy is still unsettling and brewing.