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Old 11-15-2007, 05:28 PM
 
23 posts, read 91,821 times
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Also, the couple above would have had total gross income probably over $150,000, with all the exemptions, itemized deductions, capital gains taken. This would make their actual tax rate again lower...
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Old 11-15-2007, 11:40 PM
 
66,592 posts, read 30,402,539 times
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Originally Posted by saganista View Post
And where is the part about the the estate tax 'wiping out' family farms and small businesses, something you earlier claimed to have seen many, many times on a personal basis? All that is claimed here is that 4% of farm estates owe any tax at all. So let's look at those. Of all the estates that owe tax and include indentifiable farming assets within them, the proportion of the total estate that is attributable to farming assets averages around 10%. These are not family farmers. These are wealthy financiers, industrialists, and high-level corporate types who purchased and operated horse farms and the like as a sideline or hobby and as convenient weekend and/or holiday get-away spots. Not quite the group that's likely to be crushed or devastated by the inheritance tax...
I do have personal experience with this. Your conjecture sounds good, but is different from my experience.
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Old 11-16-2007, 07:24 AM
 
19,183 posts, read 28,398,471 times
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Originally Posted by InformedConsent View Post
I do have personal experience with this. Your conjecture sounds good, but is different from my experience.
With all due respect, your personal experience, regardless of what it is, does not translate into a social problem. Your original claim (and that of the 'Death Tax' repeal people) was that this awful engine of the inheritance tax was crushing and devastating (your words) family farms and small businesses left and right. It is not conjecture to state that this is not the case. It is a simple fact. An additional claim was made that while the super-rich could shrug off inheritance taxes easily enough, those burdens were intolerable for the rich-but-not-super-rich. This is not the case either.
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