George W. Bush, former president, had his estate tax expire at the end of 2009. Rich individuals were being encouraged by Senate to postpone death until New Year’s Day, 2010. The 45 percent estate tax, or death tax, wouldn’t have to be paid by their families if they could do this. .
If the estate tax is 55 percent, there can be less of an exemption
It was reported by the Wall Street Journal that exemptions will fall to $ 1 million per individual from the $ 3.5 it was previously when top estate tax rates will increase to 55 percent. That means there could be eight times more tax payers paying estate tax now, even if that means they are borrowing money. An example of how the new estate tax would affect a $ 5 million estate is given by the Journal. The added estate tax for somebody who dies on January 1, 2011, would be over $ 2 million. $ 8 million would be the cost if the estate was $ 15 million. Many heirs are saying, “I want my cash advance loans!”
Thorndike says it is ‘The largest increase in a major tax that we’ve ever seen’
Rich people losing money is the least of America’s concerns. But this sudden turn of the taxation screw is dramatic. Joseph Thorndike of the nonprofit organization Tax Analysts told the Journal “a jump from zero to 55 percent would be the largest increase in a major tax that we’ve ever seen” and a huge fast cash for the government and Internal Revenue Service. Many are now considering the death incentive provided by the estate tax. Although they have had chances, Congress won’t take any action with fear of the November elections ahead. Questions like whether retroactive extension to the current zero-level estate tax can be approved are on the minds of estate holders.
Estate tax suicide is prohibited by doctors
Money, or even the estate around it, isn’t worth the life of a human. Even though patients may be too busy working out their estate tax difficulties to listen, doctors will tell patients this under their Hippocratic Oath. Some might even consider doing something drastic like traveling to a country where there are aid in dying laws to help them. Although both Switzerland and also the Netherlands, according to the Wall Street Journal, both allow doctors to aid in suicide, only Switzerland will allow this to be extended to visitors from one more country.
More information accessible at these sites
Wall Street Journal
online.wsj.com/article/SB10001424052748703609004575355572928371574.html
Oh yeah? Well, Bill Gates’ dad likes it!
youtube.com/watch?v=ZQ_jxLKbbDo
