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"This tax scheme is temporary; if Congress does not enact a new law by January 2014, there will be an estate tax of 55% on all assets above $1 million in that year."
I thought it was around 5 millions.
what are the chance that Congress go back to 1 million to make some money.?
You source is confused. The fiscal-cliff resolving American Taxpayer Relief Act extended the $5 million limit indefinitely. It is now in fact adjusted for inflation. The 2013 limit is $5.25 million for estate and gift taxes and also for generation-skipping transfers. This will not revert to anything in 2014.
Can someone tell me what the limit was in 1998? Seems to me our government keeps finding more ways for the rich to keep their money while the poor struggle.
I don't think they will keep the exemption at 5 millions and more.
how they can finance SS and the rest by increasing exception.
SS is funded through dedicated payroll taxes. Estate taxes are part of general revenues. Like excise taxes and customs duties. They have no connection to SS at all. SS is meanwhile capable of paying out 100% of scheduled benefits for at least another 20 years even if we do nothing. And a more rational analysis would suggest that it can do so for a good deal longer than 20 years.
Quote:
Originally Posted by cheapcharly
fatca and Obama care will have a very negative impact on the US government.
Is the sky falling where you are? Is your understanding of either of these any better than of estate taxation or the funding of Social Security?
Can someone tell me what the limit was in 1998? Seems to me our government keeps finding more ways for the rich to keep their money while the poor struggle.
So let's take it from the rich and give it to a corrupt government so they can **** it away.
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