Death Tax

It is 12:34pm April 1 - This just showed up in my email inbox.. so there goes my trust.. I comingled my own savings with my mom's and we have a trust that she gets the income from...not that she needs it. But dad gave her a comfortable life. I do not want her to have to scrimp even the slightest... my father would rise from the grave to smite me if I allowed that. In return, since I am the only child left alive. At mom's death the income comes to me for the rest of my life. If this is subject to a death tax, that means I will be working till I drop... oh joy..

My Congresswoman is Ginny Brown-Waite, 5th district (R) Florida.. my home address (for taxes and tags) is Crystal River, Fla..

God, I dislike this present admin.. I cannot wait till the masses see the light.. or will they?

OBAMA ADMINISTRATION HIDING OUTRAGEOUS
TAXES & SPENDING IN NEW BUDGET
Weeks after President Obama released his outline for the federal budget for 2010, the House of Representatives is set to vote on the budget in a few days. If passed, this budget resolution serves as a framework from which Congress will work for the next five years. The White House and my Democratic colleagues in Congress claim this budget will reduce deficits and won’t increase taxes, but that is a mirage created by gimmicks. Obama’s budget dramatically increases the size and role of the federal government while failing to address the trillions of dollars in future spending our government already knows it will not be able to fund. There is only one way to pay for all this spending: higher taxes on you.
I have been hearing absolute infuriation from folks across the Fifth District over the irresponsible spending and the debt we will leave our next generations. “If the average person is expected to tighten their belt, why isn’t Washington? I am very worried,” I hear time and time again.
The President’s budget uses a number of gimmicks to give the appearance of a reduction in future deficits. For example, they use so-called “reserve funds,” which just gives Democratic budget leaders the ability to ask for additional funds later. Reserve funds are basically a commitment to tax and spend.
The House budget resolution contains seventeen such funds ranging from a further expansion of unemployment benefits to President Obama’s cap and tax initiative. The cap and tax proposal will tax anyone who uses electricity in the United States. President Obama’s economic advisors have admitted that just when they expect the economy to recover, President Obama plans on instituting a $1 trillion tax on all Americans who use electricity.
Even worse, buried in a footnote on page 127 the Obama budget calls for the largest increase in the death tax in U.S history beginning in 2010. Under his plan, estates will be taxed at an outrageous 45 percent. The Congressional Budget Office estimates the long-term impact of maintaining such a tax will result in $1.6 trillion less invested in small businesses and 1.5 million fewer jobs created. As the Wall Street Journal noted this week, “Obama won’t merely bring back from the dead one of the most despised of all federal taxes, and not merely splinter many family owned businesses. He will also forfeit half the jobs he hopes to gain from the $787 billion stimulus bill.”

A recent letter sent to me from a constituent in Hernando said, “It seems no one is listening to the people. We can’t spend our way out of this. I recognized this when I reviewed my own budget and bills. I no longer overextend myself.” Rest assured; I am listening.

An alternative plan is available and Republicans have tried to offer commonsense amendments to Obama’s budget, but unfortunately those were struck down in committee on party line votes. The budget resolution is a further example of the Democrats’ plans to increase taxes on every American and dramatically increase the size and scope of the federal government. Republicans have alternatives that rely on the strengths of the American people not the size of the federal government. For all of these reasons, I will oppose this budget when it comes for a vote on the House floor later this week.

[The Reaper]

Upon the death of my mother, my brother and I are to inherit a small tobacco farm in an increasingly suburban county here in NC.

Over the years, we have seen many friends and relatives inherit similar properties, only to be forced to sell them when the tax bill came due. The farm is small, but is in an area eventually to be developed, and would carry a death tax burden in excess of $500,000. Obviously, we do not have that kind of money, so the usual result is a fire sale of a long-held family farm to developers for pennies on the dollar, and the heirs getting a small amount of money after generations of family blood, sweat, and tears. The government and the developers do very well.

Many friends have been driven to desperate measures by this, with some going bankrupt and a few committing suicide.

I am afraid for my children, if this is the route that we are taking.

Why work hard, save, and sacrifice, only to be taxed to death, and beyond?

Just do nothing, sit on our asses, and wait for the government check.

Big Brother will take care of us.

TR

In Florida.... the local municipalities were taxing working waterfront, marinas, boatyards and so on, not for what they were. But...for what they could be high rise condos. Therefore the owners, who could not afford those taxes, sold out to condo companies. It has been a nightmare for those of us who either own a boat too big to be trailered or who live aboard.

Last year during the Nov. election a referdum was overwhelmingly passed, 70%, that makes working waterfront taxed for what it is, working waterfront.

To bad some enterprising taxpayer cannot get a referendum to save small working farms. They are the lifeblood of this country and our heritage.

I always liked that Woody Guthrie line, "some rob you with a six gun, some with a fountain pen"

In 1936, when my great grandda died. The same scenario happened. The property, a working rice plantation had to be sold. Even though he had 7 children, none singlely or collectively, could come with the taxes levied due to death. A piece of property that had been in my family from june 6, 1696, survived reconstruction in SC, was sold.. My grandmother was bitter about it til the say she died. The only good thing to come out of it, was that when my grand parents married. The house on that farm was dismantled and moved into town and reassembled for my grandparents.. A traditoinal plantation house from the early 1700's still sits in town.. At least a vestige of Ashepoo Plantation still survives. My 1st cousin owns and lives in the house.

The only thing certian is death and taxes....and war...
AM