Estate Taxes
Posted by Moonage on 24 Aug 2004 | Tagged as: Government
I am shamelessly stealing this from bankrate.com.
| Year of Death | Federal Exemption | Highest Rate | Family Burden* |
| 2005 | $1,500,000 | 47% | $235,000 |
| 2006 | $2,000,000 | 46% | 0 |
| 2007 | $2,000,000 | 45% | 0 |
| 2008 | $2,000,000 | 45% | 0 |
| 2009 | $3,500,000 | 45% | 0 |
| 2010 | No tax | no tax | 0 |
| 2011 | $1,000,000 | 55% | $550,000 |
* This is only an approximation based on a $2,000,000 estate, and disregards state estate taxes.
Now, if a person were to die in 2010, the family/spouse pays nothing in estate taxes. If that person were to die in 2011, they pay nearly a half a million dollars.
We better look closely at all deaths where estates are worth more than $1,000,000 in 2010 unless this tax is permanently repealed. I for one am contacting my representatives to prevent this senseless slaughter.
1 Comment »
on 26 Apr 2007 at 1:33 pm 1.Moonage Political Webdream » Adjusting Estate Taxes again ( Kids, put away those guns ) said …
[...] A while back, I did a thingy on the recently revised estate tax legislation that did pass. Namely, I predicted a slaughter of wealthy individuals in the year 2010 based on that legislation. [...]