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Is this what you voted for?

Increasing taxes on family farms and businesses. Current law allows the recipients of certain assets–such as family-owned businesses or farms–to discount those assets’ value to account for the fact that it is difficult to sell them in order to pay the death tax. The Obama Administration would disallow this discount and force families to pay the death tax on the full value of the assets, even though there would be no new cash generated to pay the tax.
Disallowing the discount of difficult-to-sell property is a burden on families that cannot raise the necessary money to pay the death tax on those assets. Instead, Congress and the Obama Administration should re-institute the discount and allow families to spread the cost of the death tax over several years.



 
Carpy

Asked by Carpy at 7:44 AM on Jun. 18, 2009 in Politics & Current Events

Level 39 (114,053 Credits)
This question is closed.
Answers (128)
  • Any tax on any farmer that produces any food source for any human or animal will affect each and every person in the U.S. If you eat anything other than air, you are taxed now. Like I said, pure ignorance. Where in the hell do you think vegetables come from non-meat eater? A FARM THAT'S WHERE.
    Anonymous

    Answer by Anonymous at 8:06 AM on Jun. 18, 2009

  • Closing loopholes in the death tax would be unnecessary if Congress rightly repealed this harmful tax. It stifles economic growth because it discourages saving and investment and undermines job creation and wage growth. Rather than dealing with real and perceived loopholes individually, Congress should abolish them by killing the death tax for good.
    On top of the death tax increases, President Obama has signed into law a tax hike on cigarettes, which falls hardest on the poorest Americans. This legislation increased the tax on a pack of cigarettes from $0.39 per pack to $1.00 and broke President Obama’s pledge not to raise taxes on anyone making less than $250,000 a year. The tax could raise $33 billion over the next four-and-a-half years.

    Carpy

    Answer by Carpy at 7:44 AM on Jun. 18, 2009

  • The President has also proposed several new tax hikes in his budget:

    Tax hikes for high-earners. President Obama would raise the income and investment taxes of those making over $250,000.
    Energy tax. He would also create a cap-and-trade program that would raise the taxes on energy for every American and inflict substantial damage on the economy.
    Tax hikes on international businesses. President Obama targeted U.S. businesses operating internationally by proposing to raise the taxes on the income they earn overseas. This tax increase would severely damage the international competitiveness of U.S. businesses
    Carpy

    Answer by Carpy at 7:45 AM on Jun. 18, 2009

  • Why is there even a death tax at all?
    IhartU

    Answer by IhartU at 7:45 AM on Jun. 18, 2009

  • When President Obama originally released his “Budget Blueprint” in February, it increased taxes by $1,368 billion over 10 years. But when he released the full details of his budget in May, it increased taxes $1,779 billion even after tax cuts are factored in. Thus the Obama Administration has increased its tax hikes by $411 billion in just three months.

    After factoring in the cigarette tax hike, the tab totals $1,812 billion over the next 10 years. This means that under Obama’s tax plan, every household in America would face $15,359 in higher taxes over the next 10 years.

    .

    Carpy

    Answer by Carpy at 7:47 AM on Jun. 18, 2009

  • If projected deficits are an indication of how much more revenue Congress and the Obama Administration might target, the amount of needed revenue could be immense. The Office of Management and Budget estimates the deficit for 2009 to be $1,841 billion. That is more than four times larger than the 2008 deficit of $459 billion, which was then an all-time high. During the entire 10-year span of the Obama budget proposal, the deficit never dips below $512 billion
    Carpy

    Answer by Carpy at 7:48 AM on Jun. 18, 2009

  • Using the Obama budget as a conservative estimate, additional tax hikes of $60,237 per household would be necessary to balance the budget over the next 10 years. Taxes would need to increase an additional $21,339 per household just to get the average deficit over the next 10 years down to it previous record high.

    Tax Hikes Threaten Economy

    Because of the more than 3 million jobs lost since he made his pledge to create 3.5 million jobs by 2010, President Obama must now create a total of 6.5 million jobs to meet his stated goal. Increasing taxes will only destroy more jobs and make it harder for him close this deep jobs deficit.

    end of questions statement
    Carpy

    Answer by Carpy at 7:48 AM on Jun. 18, 2009

  • President Obama's budget keeps the estate tax at its 2009 level, which means the government gets 45 percent of a dead person's estate VALUED OVER $3.5 million dollars or $7 million for a couple. Yes, this is what I voted for!
    Anonymous

    Answer by Anonymous at 7:50 AM on Jun. 18, 2009


  • Tax hikes for high-earners. President Obama would raise the income and investment taxes of those making over $250,000.
    Yes, he stated that in his campaign. Yes, I still voted for him, and I'm in this category.

    I voted for President Obama for many reasons, healthcare reform, improving education system, stem cell research are a few, raising taxes was not the reason I voted for him. However, I'm not against the death tax.
    Anonymous

    Answer by Anonymous at 7:56 AM on Jun. 18, 2009

  • Did you vote for a meal tax? No? Too bad, you got one of those coming too in the form of flatulence excess tax on farmers of edible mammal food sources like beef, lamb, pork to the tune of almost $175 a head for cattle. That makes your BigMac costs almost $5.00 without fries or a coke. Thank you for bringing in the Obamanation where you will be taxed every day that you live and breathe and then it will follow you into the grave and beyond.
    Anonymous

    Answer by Anonymous at 7:57 AM on Jun. 18, 2009