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?