From Human Events…
Death Tax Hike To 55% Nears
by Emily Miller
As the Congressional leaders and President Obama wrangle over income tax rates, another looming tax hike has been overlooked.
The estate tax - known as the “death tax” – will rise from 0% to 55% on January 1, 2011. The tax hike will apply to all individuals who die with total assets valued at over $1 million.
The lame duck House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Harry Reid (D-N.V.) have not put forth any plans to stop the death tax hike this year.
The death tax was completely repealed for 2010, but had been a tax rate of 35% in 2009. The death tax hike is not part of the Bush-era tax cuts, which are set to expire on the same date.
“Death should not be a taxable event. Death should not force the sale of family farms or the dissolution of small businesses.”
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