‘Real News’: Estate Tax and Defining ‘Rich’ in Fiscal Cliff Plans

Dec. 18, 2012 8:49pm Christopher Santarelli

With two weeks before the fiscal cliff, negotiations continue as the president has presented a plan that raises taxes on the “rich,” equated at around $400K, while calling for $1.3 trillion in revenue for only $850 billion in spending cuts; while Republicans led by House Speaker John Boehner say they’ll raise taxes on those earning over $1million in exchange for $1 trillion in revenue increases and $1 trillion in spending cuts.

In a column for Bloomberg View, Veronique De Rugy and Nick Gillespie say neither side is doing enough in regards to addressing the spending side of the cliff in order for it to have a legitimate impact on the deficit.

There is also a debate among Democrats to reinstate before the Fiscal Cliff the pre-2001 estate tax, “death tax” as Republicans refer to it, a cause President Obama is supporting. The federal tax of 55 percent would be on accumulated wealth of $1 million or more when an individual dies. Democrats in more rural states have stood against their more progressive colleagues on the issue as the tax is expected to decimate the wealth of family farms. On ‘Real News’ Monday the panel discussed this tax and other harebrained ideas going around the beltway right now:

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Comments (4)

nothinghere
Posted on December 19, 2012 at 9:39am
kennedys,rockefellers,and o’bama soon,will be,and have passed 100′s of millions,and billions of dollars down through generations with the aid of estate tax advisers,tax free.
death tax is a very appropriate name for this,your farm,or small business,is your capital account,(your borrowing colateral,your good name),to run your business,it’s your lifetime of work.
to me the government wants all businesses to inc.,that gives them extraordinary power,(taxing,and epa just for starters), over all businesses,through congress they can pass laws for all corp.,doing business in america.
example,o’bama will make good money between him and his wife forever,tax them,then make them put 30% of their earnings into an account,and when they die, tax them 55% of whats over 1 million is this account.
a wise man said more than once,(rush),liberal government will turn fiscal policy upside down,and your witnessing now,o’bama making people think all money in america is governments money,and their trying to get as much of it as possible,when in reality it’s the american peoples money,government does’nt earn a nickel,but spends trillions.
o’bama,(community organizer),does a very good job of this,as he did on the streets of chicago.
sure there are very wealthy people in america,most worked hard for their money,some obtained their wealth not so legally,but if not prosicuted it’s theirs,but now with class-warfare,o’bama thinks it’s his duty to redistribute all money,in the name of governm

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lynnissmart
Posted on December 19, 2012 at 8:55am
This is just a way of getting your hard earned money to go to the government, instead of your family members….disgusting…..vomit!!!!

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CHROME_PLATED_HEART
Posted on December 19, 2012 at 6:33am
As long as Warren Buffet gets thrown over first I’m cool with it.

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Ben Stewart
Posted on December 19, 2012 at 6:13am
Very informative and helpful. Thanks for writing it.

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