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IRS Demands Bank of America, Ford, McDonalds Pay 40% Estate Tax
Imagine…Bank of America, Ford Motor Company and McDonalds forced to pay 40% of their value in estate tax every 40 or 50 years. The army of lobbyists that would show up on the steps of the U.S. Capitol. The outrage American people would have at our government collecting such a tax from companies just because enough time [...]
A Short & Simple Approach
The problem with the current estate tax: Up to 22,000 Farms, 14,000 real estate partnerships, 29,000 privately held corporations and 170,000 total households will be susceptible to estate taxes in 2011 (Duquesne: Prof. Antony Davies) The ASSET Solution The ASSET proposal is based on permitting the capital gains tax on estate assets of wealthy taxpayers [...]
21: Good for Blackjack, Not to Gamble You Will Die
Current Estate Tax provisions Expire in 21 Months We just returned from meetings in Las Vegas, Nevada, and we can’t help but make the comparison between everyone that’s hoping to hit 21 at the tables, and people hoping they will die within the next 21 months before the estate tax returns to historic levels crushing [...]
Forbes: Federal Estate Tax Still Headed in the Wrong Direction
Forbes is reporting on the state of affairs on Capitol Hill for the estate tax. We have 11 months before we see a return to the much higher rates. The author Matthew Campione is suggesting how hopeful he is that there will be a negotiation to preserve the lower rates, but we know with an election [...]
Now Is The Time
THE PROBLEM: The federal estate tax is supposed to contribute to the overall progressivity of the tax system but in reality, it is broken. Because of complex loopholes, many very wealthy families are able to avoid or substantially minimize paying estate taxes and have done so for decades; The current estate tax structure creates inefficiencies [...]