AGAIN WRONG!<quoted text>
Again the Death Tax only applies to Millionaires and Billionaires.
1.President Obama Cut Taxes for Almost All Working Americans
2.Ronald Reagan Tripled the National Debt
3.George W. Bush Doubled the National Debt
4.Reagan Raised Debt Ceiling 17 Times, Bush Seven
5.Tax Cuts Don't Pay for Themselves
6.Almost All Working Americans Pay Taxes
7.The GOP's "Job Creators" Don't Create Jobs
8.Low Capital Gains Taxes Fuel Income Inequality...
9....But Not Investment
10.The Estate Tax Has Virtually No Impact on Family Farms and Businesses
11. Income Inequality Has Reached an 80 Year High...
12....While the Federal Tax Burden Has Hit a 60 Year Low
13.Romney-Ryan Plan Another Massive Tax Cut Windfall for the Wealthy
14.Romney, Ryan Won't Say Which of the $1 Trillion in Tax Breaks GOP Will End
15.Romney-Ryan Will Add More Debt Than President Obama
They're All Against Jobs
by Sen. Fritz Hollings / December 20, 2009 / http://tinyurl.com/ydr27ze
Who is against jobs in the United States? The big banks, Wall Street, the Council on Foreign Relations, the Business Roundtable, the United States Chamber of Commerce, the National Retail Federation, Corporate America, the President of the United States, Congress of the United States. Everyone is crying for jobs, but no one seems to understand why there aren't any. And the reason for those opposing jobs is money.
Beginning in 1973, big banks made most of their profit outside of the United States. Industries off-shoring, investing, banks financing the investments, transfer fees, fees and interest on the loans made for bigger profits. Long since, the big banks under the leadership of David Rockefeller have led the way to off-shore and make a bigger profit. Goldman Sachs, AIG, Citicorp and Wall Street, conspiring for a bailout and now using it for bonuses, make more money from the off-shored operations.
The IRS places an automatic lien against your estate for any estate taxes that may be due. If your will leaves no specific provision about how these taxes are to be paid, state law generally controls how the burden of paying the taxes will be distributed among your beneficiaries. As a result, your beneficiaries may end up paying taxes out of their own pockets or selling some of the property that you left to them to meet this obligation.
Most state apportionment statutes impose the tax payment liability only on those assets that contributed to the tax imposed. Thus, your spouse will not be responsible for any taxes if he or she received all your property free of tax under the unlimited marital deduction. Likewise, charities that received property free of tax under the charitable deduction will not have to carry any of the tax burden.
In addition, most state apportionment acts divide up the tax burden on a prorated basis. For example, if your taxable estate was evenly split between two beneficiaries, each beneficiary would be responsible for 50 percent (one-half) of the taxes due. Beneficiaries who received the taxable portion of your estate must pay their share of the taxes owed when they are due--generally nine months from the date of your death. They may have to sell their inheritances to get the cash. If their inheritances are already spent, however, they still must pay the taxes, and the IRS can go after any of their other assets to satisfy the lien.