Rancher Kevin Kester works dawn to dusk, drives a 12-year-old pick-up truck and earns less than a typical bureaucrat in Washington D.C., yet the federal government considers him rich enough to pay the estate tax -- also known as the "death tax." And with that tax set to soar at the beginning of 2013 without some kind of intervention from Congress, farmers and ranchers like Kester are waiting anxiously. "There is no way financially my kids can pay what the IRS is going to demand from them
There will be food shortage problems even if the estate tax were a non-issue. I saw when my party had all three levers of power that NOBODY is interested in stopping the Big Spending Government Freight Train. So I knew this woud happen. The estate tax, at its core, has always been immoral. This fight should have been fought and WON handily by Republicans long ago.
This "death tax" truly is government confiscation! Why We, the People sit by and let "our" government take what we have earned and already paid taxes on is a disgrace! I guess we really do deserve the politicians we elect!
#6 I too am no fan of the Hilton´s and I am not one by a long shot...and the this won´t effect them at all. It will however screw my heirs out of any hope of living, working my ranch after I pass because I am not Paris Hilton. I actually work for a living, raise black angus cow calf operation and Boer Goats. Between o and the drought...and my absolute refusal to take a handout from the federal government...I am SOL.
This defense of the estate tax by libtards is such a lie. Of course it is meant to destroy family farms. How else to pay off the corporate farm pimps who collect billions from "farm subsidies." Simply tax family farms into oblivion then let the jackals clean up the carcass.
The absurdity of having to sacrifice all that a family has worked for, in some instances for generations, is another reason to fear for the future of our once great nation.
This is a gift to the big agri-farms. Within two generations there will be no successful family farms left. All the family-owned farms will be broken up and sold off to pay estate taxes with only the big corporate farms surviving.
Please find a tax adviser who can teach you about combining Trusts and Family Limited Partnerships.
Briefly, setup a Partnership and transfer the ownership of your assets to in. Then you and your wife each annually give the maximum tax-free gift, currently $13K, to each of your heirs - each heir getting a combined $26K. The gifts aren´t actually cash, but a portion of the ownership of the Family Limited Partnership. Because the majority of the Partnership is held by family members, and no outside investor would pay full market value for a share, the portion gifted can be valued at a greatly reduced price allowing you to transfer more than the $13K tax-free limit. As General Partners, you and your spouse retain complete control over the assets of the Partnership until you both die. Then the assets are controlled by a Trust to be distributed as you directed.
These vehicles are not cheap to setup and require a knowledgeable estate planner. Investigate, Family Limited Partnerships, Management Trusts, Irrevocable Gifting Trusts, Crummey Letters. You will probably also want a large life insurance policy, naming your children as beneficiaries, to help with the burden of taxes.
Skeptics will no doubt post about eventual problems with the IRS but I assure you there are well known, completely legal estate planning tools that have been around for generations and been approved by the tax courts. Congressmen and their ilk have no intention of paying estate taxes on their holdings and, with sufficient planning, you have the tools to significantly reduce or eliminate the estate tax burden.
The bigger problem is that we shouldn´t have to do what #17 details, nor should the full employment for attorneys scenario exist in the first place, just to live a normal life and pass along to our families what is ours.
As government has always figured out ways to confiscate hard earned income and inherited income earned by hard work from ancestors, individuals must through attorneys, bankers and accountants work hard to prevent this legalized theft.
The best advice is for those with assets in their twilight years begin gifting while alive to loved ones as gifts within the tax guidelines and have your estate be suffficient to cover end-of-life debts and no more. If you own real property, immediately establish a trust.
Probate and taxes can wipe out an estate by as much as 70%.
No wonder it has been unseasonably cool in the northeast: Al Gore has been in Chicago this week (you remember the Gore Effect, I assume), doing “climate advocacy training” for a new generation of young people, better known to con men everywhere as “easy marks.” But The New Republic notes a fresh hypocrisy from Gore: his New York office is in an energy hogging building that boasts of a LEED (Leadership in Energy & Environmental Design) certification, which only shows what a racket the whole LEED business is: “Gore’s applause, however, was premature.
One difference between professional athletes and fans, and between coaches and cheerleaders, is that while all of them see opportunities for their teams, the athletes and coaches are more likely to also see, and at least privately acknowledge, potential pitfalls. The 2014 Senate races, which are really a fight over who will hold the majority in the chamber, provide plenty of pitfalls for political professionals in both parties to worry about. On its face, the math certainly creates opportunities for Republicans. Twenty Democratic seats are up in 2014, compared with only 15
Suddenly it is imperative that Congress investigate details surrounding the attack that killed Ambassador Chris Stevens. I´ve never felt that way before. But Drew Griffin´s scoop* changed my mind. A bit of background: On September 11, 2012, Stevens and three other Americans were killed at a U.S. compound in Benghazi, Libya, touching off perhaps the strangest political controversy in recent years. (Snip)CNN has learned the CIA is involved in what one source calls an unprecedented attempt to keep the spy agency´s Benghazi secrets from ever leaking out.
Secretary of State John Kerry gave several TV interviews while in Islamabad, Pakistan on Thursday, including one to Mariam Chaudhry of Pakistan TV. One question related to the drone policy of the United States, which is extremely unpopular in Pakistan. In his answer, Kerry seemed to suggest the program, which he said President Obama has "really narrowed," has almost accomplished its goals, not just in Pakistan, but throughout the world [emphasis added]: QUESTION: ... to speak a little bit more on this terrorism issue, Pakistan has been facing a grievous scenario vis-a-vis internal security.
Asked to name his worst failing, Barack Obama surprised the adoring Barbara Walters with a one-word answer — “Laziness.” “You lazy?” she gasped. “You know, it’s interesting,” the president mused. “There’s a deep-down — underneath all the work I do — I think there’s laziness in me. It’s probably from, you know, growing up in Hawaii and it’s sunny outside, and sitting on a beach.” Notwithstanding the confidence he let slip to one of his admirers, in owning up to a deep-down laziness, Obama has always had a considerable talent for getting his own way —
The administration has popped the bubble of hope some small business had that switching to part-time staff would let them escape the high costs of Obamacare. The Small Business Administration on Thursday created a website to explain to businesses that the government will simply tally up the number of part-time employees firms have to determine if enough hours have been worked to essentially create a "full-time equivalent." Some smaller businesses had thought that if they could get under the 50 full-time employee cap that activates Obamacare by cutting full-time workers and hiring more part-time workers they would escape
I have been studying the transcript of the recent New York Times interview of President Barack Obama. It is a remarkable document—remarkable not for the facts it contains, but for the way it reveals the mentalities of the participants. Remarkable, too, in so far as the transcript allows a curious reader to see, in detail, how journalism is manufactured. Through a process of extraction, distillation, production, transportation, and marketing no less sophisticated than the global supply chain that brings Southeast Asian textiles to your neighborhood big-box store, a rambling, snobbish, and platitudinous discussion between three well-compensated Washingtonians
Accused mass murderer James “Whitey” Bulger has to decide today whether he’ll take the witness stand and try to reshape his reputation, a judge told his defense lawyers, adding that Wednesday night’s defense photo dump convinced her that the answer will be yes. With Bulger’s lawyers still coy on the subject, Judge Denise J. Casper said they must either put him on or rest after their last witness is called today. However, Casper added she believes his lawyers tipped their hand Wednesday night when they filed 20 photos with the court, documenting Bulger’s youth, showing him with a priest and pets,
Here we go again, processing peace in the Middle East. Processed peace is no more peace than Velveeta is cheese, but it beats suicide bombing and killing children. So let the Kerry Games begin. Neither the Israelis nor the Palestinians actually expect to accomplish much, but autumn in Washington can be very nice, with warm days and cool nights, and the restaurants are good. Not a bad place to spend the next eight months, pretending to negotiate “a diplomatic breakthrough to end more than a century of conflict,” as one optimist puts it. Jaw, jaw is always better than war, war,
As the Weiner campaign itself bumps up the spectacle of a campaign in disarray, The New York Times has a look at just how involved the Clintons have been in helping — and protecting — Huma Abedin. Abedin, described in the paper as a "beloved surrogate daughter to the Clintons," took a lot of public heat recently for her decision to stand by her husband in a press conference addressing the new round of sexting allegations. It´s no secret that Hillary Clinton is something of a model for Abedin — both as a wife who stayed with her husband
During his speech on the economy last month in Galesburg, Illinois, Barack Obama suggested Washington should stop focusing on an “endless parade of distractions and political posturing and phony scandals.” He repeated the line about “phony scandals” in another speech on July 25 and in his weekly address on July 27. Obama, whose approval rating has been falling since the spring, has been rocked by months of scandal coverage. His administration’s strategy to change the subject, it seems, is to channel its inner Holden Caulfield. White House press secretary Jay Carney kicked things off a few days before Galesburg
Shortly after President John F. Kennedy was assassinated, in November of 1963, a Gallup poll found that 52% of the American public believed that the assassin, Lee Harvey Oswald, was part of a conspiracy. In the fifty years since, that figure has climbed closer to 80%. You can understand why. It’s painful to accept that an American president was cut down by one small, half-crazy guy with a mail-order rifle who could easily have been stopped in any of a dozen different small ways—but wasn’t. No wonder Norman Mailer called the assassination “the largest mountain of mystery
Colin Powell has admitted to exchanging ´very personal´ emails with a Romanian diplomat but denies having an affair with the much younger woman after a hacker threatened to release their intimate messages. The 76-year-old retired general told the Smoking Gun that he met Corina Cretu, 45, roughly 10 years ago when she was working as an assistant to the president of Romania. She is now a member of the European Parliament. ´After I left the Department of State in January 2005 we stayed in touch via email,´ he told TSG.
Mark Levin, who hosts one of America´s top radio talk shows and is considered by supporters to be the people´s pundit on the Constitution, is rallying his 8.5 million-strong audience to demand an historic convention of state governments to halt the "oppressive power" of the federal government. The author of two New York Times bestsellers on the threats to the Constitution, Levin hopes his latest, "The Liberty Amendments," out mid-August, will spark the state lawmakers to tap a rarely used Constitutional provision to institute measures that would brake President Obama´s use of executive orders, bar thousand-page laws and
CNN has uncovered exclusive new information about what is allegedly happening at the CIA, in the wake of the deadly Benghazi terror attack. Four Americans, including Ambassador Christopher Stevens, were killed in the assault by armed militants last September 11 in eastern Libya. Sources now tell CNN dozens of people working for the CIA were on the ground that night, and that the agency is going to great lengths to make sure whatever it was doing, remains a secret. CNN has learned the CIA is involved in what one source calls an unprecedented attempt to keep the spy
The former commander of special operations in Northern Africa told a closed-door briefing today that he was largely detached from events the night of the Benghazi attack as he was traveling at the time. The testimony of Col. George H. Bristol, USMC, Former Commander, Joint Special Operations Task Force-Trans Sahara, Marine Corps Forces Special Operations Command Africa, had been eagerly anticipated by members of Congress. Originally, lawmakers had been told by the Defense Department that he had retired — the actual date is Aug. 1, an “administrative error” according to the Pentagon — and that they didn’t have
FORNEY, Texas - George Zimmerman, the former Florida neighborhood watch leader cleared of all charges in the shooting death of Trayvon Martin, was pulled over for speeding in North Texas on Sunday, CBS DFW reports. According to the station, Zimmerman was armed when officers pulled him over on Highway 80 in Forney, east of Dallas. (Snip) The officer reportedly did not recognize Zimmerman, who was driving a Honda pickup. Zimmerman told the officer he was armed and was then told to put the weapon in his glove compartment, according to the station.
Arizona Sen. John McCain was the Republican Party´s 2008 presidential nominee and he still wants the keys to the Oval Office. But he is beginning to sound more like a fan of likely 2016 Democratic presidential candidate Hillary Clinton. "She´s a rock star," he said in a newly released interview. "She has, maybe not glamour, but certainly the aura of someone widely regarded throughout the world," he added in a reference to her work as secretary of State. McCain, reportedly trying to win back his reputation as a GOP maverick, was asked by the New Republic
Serial sexter Anthony Weiner’s wife partly blamed herself last year when her horndog husband confessed to her that he was at it again. Friends and family told People magazine that Huma Abedin was kicking herself at the time for bailing out of couples counseling and focusing more on their newborn baby boy. But, thanks to a new round of joint therapy that continues even now, the couple was able to put the relapse behind them. “They really became a unit, and she feels much closer to Anthony now,” a relative told the magazine. That’s a long way from how Abedin
In preparation for the release of Oscar-bait film The Butler, Forest Whitaker, Oprah Winfrey, and director Lee Daniels (Precious) sat down with Parade magazine. The film chronicles a butler (Whitaker) who works in the White House through seven administrations. Winfrey plays the butler’s wife. In the interview, Winfrey explained her sadness that so few Americans know about the history of the civil rights movement: “They don’t know diddly-squat. Diddly-squat.” She then said of the historic use of the n-word, “I always think of the millions of people who heard that as their last
The United States will temporarily shut down its embassies and consulates around the world Sunday, including those in Iraq, Afghanistan and Egypt, as a precautionary measure, the State Department said Thursday. State Department spokeswoman Marie Harf did not say how long the international installations would stay closed -- only that the decision was taken “out of an abundance of caution and care for our employees and others who may be visiting.” Sunday is a normal workday in many Arab and Middle Eastern countries. Embassies in Europe and Latin America would be shuttered that day anyway.
If we learned anything about Barack Obama in his first term it is that when he starts repeating the same idea over and over, what´s on his mind is something else. The first term´s over-and-over subject was "the wealthiest 1%." Past some point, people wondered why he kept beating these half-dead horses. After the election, we knew. It was to propagandize the targeted voting base that would provide his 4% popular-vote margin of victory—very young voters and minorities. They believed. He won. The second-term over-and-over, elevated in his summer speech tour, is the shafting of the middle class. But
American scientists claim the planet is undergoing one of the largest changes in climate in the past 65 million years. Climatologists at Stanford Woods Institute for the Environment have warned the likely rate of change over the next century will be at least 10 times quicker than any climate shift since the dinosaurs became extinct. If the trend continues at its current rapid pace, it will place significant stress on terrestrial ecosystems around the world, and many species will need to make behavioral, evolutionary or geographic adaptations to survive, they said.
[Video] Ouch. New Jersey Gov. Chris Christie turned down an offer by Sen. Rand Paul to join him for a beer and bury the hatchet in their ongoing -- and very public -- feud. "I´m running for re-election in New Jersey. I don´t really have time for that at the moment," Christie said in an interview on a local radio station. The New Jersey governor said if he finds himself in Washington, "I´ll certainly look him up." But he added: "I don´t suspect I´ll be there anytime soon. I´ve got work to do here."