2010: A Fabulous Year To Die
10.7.09
Eight expensive years ago, then-President George W. Bush and a Republican controlled Congress passed the ‘Economic Growth and Tax Relief Reconciliation Act of 2001′. The purpose of the bill was to slash income and estate tax rates utilizing a stair-stepping decline.
“The best part was scheduled for 2010. Congress decided that the heirs of anybody who died during 2010 would pay zero in estate tax!”
For reference sake, the typical estate tax hovers in the neighborhood of 50%. So for they heirs of families subject to estate tax, it is a big, huge deal. To look at it in another light:
“The amount of assets that escaped federal estate taxation increased from $675,000 in 2001 to $3.5 million in 2009. That’s in addition to anything left to a spouse. Rates dropped from a maximum of 55% in 2001 to a maximum of 45% this year.”
Of course the article identifies the money as ‘assets that escaped federal estate taxation’. I might suggest that they were ‘assets that the government did not have the opportunity to confiscate’. But fear not. It seems that the new regime will have their say.
“But on Jan. 1, 2011, the estate tax exclusion reverts back to $1 million, and the maximum rate climbs back to 55%.”
According to the article, this is far more than a $1.4 trillion dollar issue for our government. Our law makers are missing out on stealing lots of American money. So if your family has worked hard to generated jobs, economic growth, and money, you might consider laying off on the treadmill ASAP! A Krispy Kreme diet might just save your family millions.
