Obama's "death tax" is a tad excessive, don't you think?

The loss of a family member or loved one always takes an emotional toll on people, but it also takes a financial one as well. The average funeral today costs over $7,000 and most of the time the next-of-kin are forced to foot the bill due to hard economic times. But what about those who are in good economic and financial standing at the time of their deaths?


The current "death tax" (IRS Inheritance tax) stands at 35% and Congress enacted a $5,120,000 exemption for both gift and estate taxes. But of course, that's now all going to change. The Obama Administration now plans to only allow for a $1 million dollar exemption and an above tax rate of 55%.


My question is, how is this fair? Say your family owns a ranch or farm and it's been in the family for hundreds of years. Now they will no longer be able to afford to keep it in lieu of these new taxes and allowance laws. Why does Obama not want anyone in America to be successful anymore? Must we all go to the government for all levels of sustainability? It is almost as if we are being punished for being responsible and successful.


So I ask the GaG community your thoughts on this. Why should people now need to bear a financial brunt of a death on top of an emotional one? Also, why close a window to help a family member or loved one out financially as well? This makes no sense. Big government, high taxes and socialism are never a good solution to anything.


 

What's Your Opinion?

0/2000

What Girls Said 1

What Guys Said 7

  • it definitely destroys the small family farm but I thought he was for the small business...oh wait. I don't think there should be any inheritance tax since people have already paid taxes on their money/assets at least once so why should they have to pay again when they die.

    • farm land is assessed at a value that is usually higher than it is worth. my dads family used to have a small farm as in 100 hogs or less and they leased some land and owned some land for crops. when my grandpa died they couldn't pass the farm on to my dad or uncle because of the taxes if you really are from Indiana you should know about small family farms. and there are some moderate sized farms but even 1000 hogs really isn't that big of a farm.

    • What small family farms? Remember Farm-Aid, which has been going for 30 years? Big business capitalism killed the small family farm.

  • Selected as most helpful

    The Fuhrer despises successful people and freedom.


    He despises successful people because all lefties despise successful people. They for some reason think they are entitled to that money without working for it, that people who work hard somehow have an obligation to share their rewards. This is the logic of the left, instead of letting people do their thing and earn their lifetsyle they want to lower 90% of the populations quality of life by having these successful people pay for everybody's everything. The only people who would benefit from this are the laziest and least motivated of the population, the bottom 10%. This is all in the idea of "the greater good" of course, even though it lowers what "good" is considered to be.


    He hates freedom because he wants nobody to be able to do anything without the approval of the government. For whatever reason he seems to think that only the government is capable of knowing how things will work or should work and that of course, they know the best way. Once again this is the logic of the left, everybody (except the government) is a blabbering idiot not capable of taking care of themselves or doing anything right on their own.


    This can be undone after the Fuhrer is out of office, considering we actually replace him with someone who is American in spirit. My faith in this happening is low.

  • The tax only effect people who do not plan correctly.


    What the tax say is simple, if you are dumb then pay Sam. If a man has 5 million dollar it should not be sitting naked it should be protected. I know if a loved one of mine died with 10 million all 10 million would not be subject to inheritance taxes.


    That tax change does one thing. When a fool with too much money dies instead of it going to the family for a fight, with as much as 90% going to the attorneys in fees for the fights they create. The money now goes to uncle Sam. Rather than have legal fight over it Government will take the money since fools are involved.


    5 million should never be exposed to inheritance and should always be held in a trust.


    It is easy to criticise the President when you don't care enough to educate yourself.

    • Educate myself? I have more letters after my name then you will ever have. Please don't insult my intelligence at the sake of your annointed one.

  • The term death tax dates to the 1940's. It's not a new idea, and Obama certainly dream it up. The numbers change of course, but let's be clear, this is nothing new.


    How is it fair? How many people even have a million dollar estate? A million bucks is a ton of money, and properly taken care and invested would last most people the rest of their lives with enough extra to pass to their heirs. So what if a $2 million estate only passes on $1.45M, that's plenty considering the fact that the country's broke and needs revenue in order to provide services to everyone. Plus there's still all sorts of accounting tricks to work around it, such as giving large but tax exempt gifts each year prior to death.


    I just don't think it will actually cause anyone any meaningful harm.

    • I am not in favor of being at the mercy of the government for everything and being dependent on them.

    • As I said, the "idiots" don't have to be right to be in charge. Gee wiz, I guess we should still a colony then shipping our money off to a sovereign crown... Oh wait, that's what we do to china in the name of capitalism. We're exactly where we started.

    • The "new" direction of the United States is a Socialist one. We were not founded on that! The idiots who re-elected Obama have no idea what they started.

    • Show Older
  • i don't think this discourages people from being successful, it does however help destable the ruling class who are born there and stay there which I am not apposed to

    • what will I do, nothing and thanks for that spell check is crap

    • What are you going to do when your critically acclaimed and nobel peace winning novels get published and you get a crap load of royalties from it. Who are you going to leave that to? It's going to get taxed out the ass. And it's Opposed, not apposed.

  • "Death tax" is a bit excessive. That would be the result of the cliff.

  • You haven't understood yet ? It started under Reagan.


    ALL THE MONEY MUST GO TO THE BANKS.


    That's about it. It's not socialism. It's ultracapitalism.

    • No actually. Reagan wasn't a Socialist/quasi-Communist like our current leader. He wants us all to ask the government for everything and also feels we are too stupid to manage our own money, among other things.

  • It won't affect my family because I don't plan on dying.

    • LOL.

    • I mean I don't plan on dying EVER.

    • you can't predict when you're going to die

Loading...