Death And Taxes: Dying Could Cost You 55% Of Your Estate [POLL]
I don't know much about the "Death Tax" other than I knew there was one but after a new story coming out today, I had to do some thinking on this one and here is what I came up with.
You're kidding right?
Correct me if I am wrong but the "Death Tax" used to be 35% and only applied to estates valued at $5M or more.
Let me see if I got this right. Some farmer worked his butt off his entire life, paid taxes on everything he ever purchased and then when he dies, the government is automatically entitled to 35% of the estate? Many don't have a clue and have never heard of a death tax but it does exist.
Who voted this in? I didn't and I know my parents didn't either.
Now, as of January 1st, 2013 that Death Tax changes. Are you ready for this? The current administration has now put into effect that the death tax will be applied to estates now worth only a $1M. Totally sucks doesn't it. AND, it goes from 35% to 55%. Ya, the government gets to take 55% of the family's estate if it's worth over a cool million, period.
Reports from the FDA show this will affect who? Middle class farmers, over 500,000 of them who face the probability that they will be shut down due to lack of funds to continue a family farm since the government is now entitled to 55% of that estate...just because someone worked their butt off, paid taxes every day of their life and the died.
Sure, a million dollars sounds like a lot of money to us but to the average farmer it's not much. Most of the live above poverty like the rest of us do. Their overhead and costs are enormous so don't think these "million dollar" farmers are living high on the hog. Most had a hard time surviving the %35 death tax rate and now they will have to give MORE to someone who never earned it.
Did you agree to this and vote yes? Has anyone ever seen this put to a vote?
So why spend 60+ years paying taxes and then paying more taxes at the end of the year just to have it taken away? I am livid. Why does America just let this stuff happen. When the hell are we going to say enough is enough and do something about the crooks in Washington? Seriously...this is ridiculous!