Fox Nation is trying to ring in the new year with a healthy dose of fear as it reports one of the effects of not reaching a fiscal deal -- the estate tax will affect slightly more than the roughly .2% of estates in the nation. Except FoxNation reported it with the dramatic headline of "Death Tax Set to Skyrocket" via an article from Breitbart.com.
The article does indeed lay out a few details of the changes, such as the exemption moving from $5 million to $1 million and the rates increasing from 35% (they do not say it is to 55%). However it neglects a few key points which put this tax in perspective:
- As mentioned, this tax affects .2% of the electorate.
- Of the .2% affected, the first $1 million of the estate is passed to the next generation tax free -- not exactly leaving Junior with a life of destitution.
- Rates for the estate tax (which has been in place since 1916) have been historically higher than they are currently. This includes 55%-70% under Saint Reagan and 45% to 55% under Bush II.
- The exemption for estates has been historically lower, going from $675,000 to $2 million for instance under Bush II.
So nothing radical is involved in this tax change, in fact it will help keep the deficit in check...and I think I remember seeing somewhere that Fox and the Republicans were concerned about the deficit.
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Lindyb Oggs commented
2013-01-02 10:42:08 -0500
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When John-John Kennedy killed himself in that plane crash, without any children, and with, an estimated to be, $100 million estate, do you think his estate wrote a check for $55 million to the I.R.S?
On the other hand, it is pretty funny that the democrat-supporting Robbie family had to sell the Miami Dolphins to pay the death tax.
On the other hand, it is pretty funny that the democrat-supporting Robbie family had to sell the Miami Dolphins to pay the death tax.
the Mike commented
2013-01-01 17:56:19 -0500
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great, now i get to hear my fox news viewing friends talk about “the death tax” like it’s something they’ve researched and proved to be factual all because fox said so. this is going to be a great new year, i can tell…
mlp ! commented
2013-01-01 17:38:32 -0500
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Comedy at it’s best!
How many of the Fox Nation goobers even have to worry??
Like you wrote, the current amount that is excluded from taxes for any estate is $5,000,000. Yes, that is FIVE MILLION DOLLARS, trolls! The new exclusion amount is not certain, but even if it goes back to 2001-2002 levels, the exclusion amount is still 1 Million. And I believe that an additional amount can be gifted.
So once again we have the goobers all fired up about NOTHING. They’re simply pawns doing their master’s bidding.
How many of the Fox Nation goobers even have to worry??
Like you wrote, the current amount that is excluded from taxes for any estate is $5,000,000. Yes, that is FIVE MILLION DOLLARS, trolls! The new exclusion amount is not certain, but even if it goes back to 2001-2002 levels, the exclusion amount is still 1 Million. And I believe that an additional amount can be gifted.
So once again we have the goobers all fired up about NOTHING. They’re simply pawns doing their master’s bidding.
