What are the chances of the Estate Tax cut passing the Senate?

[elperromagico]

What Democrats are wavering toward voting "yea"? Are they the usual suspects?

Which Republicans are wavering toward voting "nay"? Are they the usual suspects?

Can we win on this or will it be another ANWR?

[acmejack]

1. It will pass

You can't think there there are 51 Senators who give a damn about the "People"

[elperromagico]

2. You've given me nothing but rhetoric.

[Humor_In_Cuneiform]

3. Can't give you stats, but

does it favor the very wealthy?

Of course. Will it pass? Probably.

[Sandpiper]

4. Only the top 1% of all estates will ever have any estate tax liability

The current exemption levels are:

$1.5 million for an individual

$3 million for a couple


In 2006 this will increase to:

$2 million for an individual

$4 million for a couple


And in 2009, it will go up to:

$3.5 million for an individual

$7 million for a couple


http://www.smartmoney.com/tax/homefamily/index.cfm?story=estatetax



Repealing the estate tax would be nothing more than a gift for the wealthiest Americans.

[OneTwentyoNine]

5. Yup,and AFAIK you only pay taxes on that amount over....

Meaning if granny died left you $2,100,000.00 you would only owe tax on 100K which would be around 47K for 2 million and over. So..why would ANYONE bitch about having to pay the Feds 47K after having over 2.1 MILLION $$$ handed to you?

Tell all those rich fucks that don't want to pay ANY tax to send the money to me,hell,I'll GLADLY pay taxes if you want to leave me 5,10,20 MILLION.

Go for it,I'll be waiting....

[1932]

8. Today, 40% of Forbes 400 inherited their wealth.

With these estate tax changes, the nuber of people who get wealthy from working and inventing will decrease even more.

What kind of society are we going to have when the people at the top of it are people who didn't do antying socially valuable to get there?

I think it's going to be a lot like 18th Century Europe, and the Chinese are going to kick our asses. They're going to take all our high-paying jobs and they're going to be the source of all innovation.

[Yupster]

10. But each of those estates may have

50 different heirs who are probably not in the top 1 % of anything.

I had a wonderful aunt die back in the $ 600 k days. Her estate was hit by the estate tax. That meant I got less than what was my share of her estate. So did my sister, brother, mother, father, cousins, child, nieces and nephews, the church, the animal rehabilitation center, the World Wildlife Fund and about 20 other charities, all nature and arts related. None of the heirs were in the top 1 % of anything.

[NVMojo]

6. I think it will pass and I can't wait to see the Dems who voted to do so.

[wli]

7. the outrage about this should be far, far larger than it is n/t

[Yupster]

9. I think the final result will be close

to the Democratic compromise of about $3 million they've been offering.

The reason there will be something passed is that it goes right back down to $ 1 million in 2011 which is too low in my opinion.

PS - I did get bit by the estate tax when my aunt died. At that time the number was just $$ 600,000 which is too low imo.

[Bridget Burke]

11. This was obviously a traumatic event.

You've mentioned losing the money several times.

Were you helping you aunt with her finances? Could advance planning have helped?

[Yupster]

12. No it really wasn't a traumatic event for me

My portion of the estate was not very much so what I lost was maybe $ 5 - $ 10,000 or less.

It does seem a shame that her money didn't go where my aunt wanted it to go though. That's the point.

Yes, a trust fund should have been set up for my aunt. That's what the truly rich do, but my aunt with $ 1.5 million wasn't a billionaire. And almost half of her wealth was her home in NYC.

Anyway, I think the $ 3 million compromise would be reasonable. That would take care of most of the people who just have money beause they worked, saved and invested.

The reason I have mentioned it a few times is that I appear to be one of the few people here who have been hit by the inheritance tax, and it's mentioned here over and over that only the top 1 % pay it, and I'm proof that it isn't so. Everyone in my family paid it and none of us are in the top 1 % of anything. Well maybe sophistication and good taste ;)

Edited to change Trumatic to traumatic as the late president shares little blame for this situation.

[Darkhawk32]

13. The bill was sponsored by Rep. Kenny Hulshof (MO) ....

Here in Columbia, MO there are a few BILLIONAIRE families.

The Kroenke's, the Laurie's and the Waltons.

Hulshof is appealing to his big contribution people.

Keep in mind that Columbia is only about 100k people.