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Red Barn Angus

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We need to keep track of what happens to this bill in the House. I can't believe it could pass the Senate but guess it did. And is the threshold really $750,000? I don't know a farmer or rancher around here that wouldn't be affected or wiped out by that. No chance for kids to follow in his footsteps. No farms or ranches would be left. That has to be stopped.
 

Red Barn Angus

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I googled S. 3412 and found the bill but I could find nothing in that bill that mentioned estate tax. It had to do with continuing numerous tax cuts as near as I could tell. It passed the Senate by 51 - 48. Those bills read like greek to me but I think that is what it said. What am I missing?
 

Steve

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it appears the bill excludes the estate tax and amt,.. which means the "tax reduction" expires..

these temporary tax cuts are causing a large part of the uncertainty that hurts the larger small businesses the most.. they can not plan for today, let alone any expansion in the future unless they are able to calculate all the costs..



This bill also represents a significant step backwards from the 2010 compromise reached on the estate tax. By excluding the estate tax from the bill, the maximum estate tax rate will revert to 55 percent while the exemption level will drop to $1 million. This will increase the number of estates hit with the tax from 3,600 to 46,700, including 21,700 small businesses. The uncertainty of the current law has left many family-owned businesses guessing about their estate tax liabilities and unable to make prudent business decisions.

S. 3412 only extends the Alternative Minimum Tax Relief through the end of 2012, which will expose over 23 million individuals and small business to greatly increased tax liability in 2013. This additional tax hike will add further to the negative economic consequences of this legislation.
 

Steve

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Senate Democrats Drop Estate Tax Language

Senate Democrats removed any mention of the estate tax from legislation headed to the floor that would extend the 2001 and 2003 tax cuts for families earning $250,000 or less,

Since the Reid plan does not address the estate tax, unless addressed in other legislation, the estate tax rate would revert to a maximum of 55% for 2013 - up from 35% for 2012 - and the exclusion level would drop to $1 million from $5.12 million this year. An earlier version of Reid's legislation would have set the estate tax rate at a maximum of 45% while dropping the exclusion level to $3.5 million.

The underlying legislation would set the top rates for dividends and capital gains at 20% for 2013, would reinstate the personal exemption phaseout (PEP) and overall limitation on itemized deductions (Pease) that apply to that same category of high-income households, and extend the American Opportunity tax credit, the child tax credit, and the earned income tax credit for another year,

"The truth is, if we decouple the tax cuts for those earning above $250,000, that means they will be gone for good," Schumer said.

and when they get done with the filthy rich. (those who make 250,000) they will go after the rich... and then the well off.. until we are all taxed to death...

leaving only the poor and the stinkin wealthy.. won't Buffet be proud.. :mad:
 
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