Does Obama Sign On Death Tax ?  

In the early 20th century, estate tax or death tax was enacted as a levy on wealth and inherited assets.

Later it was amended so that a spouse could avoid the levy of tax. Estate tax or death tax strikes heavily at small and medium sized family-owned businesses that generate the majority of American jobs.

It is supposed to be an easy way to extract revenue from the likes of Warren Buffet and Bill Gate and the super-rich.

But the super wealthy have foundations and other tax dodges to shield themselves from much of the tax. President Barack Obama and the Congressional leaders intend to maintain the estate tax rather than let it expire as scheduled, in 2010. Under the Obama plan detailed during the campaign, the estate tax would be locked in perm

anently at the rate and level of exemptions, which took effect this year. This would exempt estates of $3.5-$7 million for couples from any taxation. The value of taxes above this level would be taxed at 45 percent. According to Obama and the Democratic Party, the affluent have already benefited handsomely from the Bush tax cuts and if they don’t act now, it will be politically tough to go ahead with the plan to resurrect the estate tax.

However, according to a few the emerging Obama policy is the wrong medicine for the recession, arguing the levy is economically burdensome like the income tax. According to the tax counsel for the National Federation of Independent Business, small businesses struggling with falling sales and layoffs shouldn’t have to devote resources to estate planning. Affecting these small businesses with a multimillion dollar tax bill when the owner dies won’t help job creation and help improve the economy.

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Does Obama Sign On Death Tax

Final-1040-Tax-Filing-After-Death      It is the duty of the executor to assume responsibility for filing the decedent’s tax issues as mentioned in the will. However in the absence of a will then a probate court will appoint an administrator. Whatever route is adopted, the duties of an executer are essentially the same. His job is to identify the estate’s assets, pay off the debts and distribute the remaining estate to the rightful heirs and beneficiaries. He is also required to file necessary tax returns and pay taxes. More..




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Does Obama Sign On Death Tax ? )
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