[The KING]

Some food for thought...

Hmmm, he wants to roll back the tax cuts on the 200K crowd, BUT,
he wants to increase the estate tax exemption to 2mm (currently at 1.5).

Now who does that REALLY benefit?

the rich folks/small businesses with gross estates between 1.5MM and 2MM, it means THEY get the benefit... how much of a benefit, well, that's more complicated, but the point is, that segment is getting a break from the estate tax which is generally a 50% whack of your gross estate.

I don't know about you, but most of us plebes will never have an estate tax problem.... so, on the one hand, he taxes the rich more, yet on the other, gives them a benefit.... whether one out-weighs the other, that's another can 'o worms...


Keep in mind, I'm looking at this from the perspective of the average Joe. Not the Joe with a "small" business worth at least 1.5MM....



"Kerry- Edwards Estate Tax Plan
Background:
With the upcoming election becoming tighter every day, we thought it would be useful for our
readers to know what the Kerry/ Edwards camp says about federal estate tax. (This information
is posted on the Kerry-Edwards web-site.)
Basically, the Kerry plan attempts to "cut the deficit in half and invest in affordable health care
and better schools." The Kerry plan finances these programs by making changes in the income
tax system and also retaining the estate tax system (but with modifications.)
As well publicized, the Kerry proposal would "roll back" the Bush income tax cuts for those
taxpayers making over $200,000.
On the estate tax side, the Kerry plan would "provide an immediate tax break for small
businesses and family farms by immediately raising the estate tax exemption to $4 million per
couple and $10 million for a family owned business or farm. The estate tax would be
maintained for the largest estates."
Significance:
Clearly, the Kerry plan focuses on "reform" as opposed to "repeal" of the estate tax. While the
above quoted paragraph is a bit "short on details," election year promises often turn out to be
more "aspirational" than "literal". Regardless of who wins the election, it should not surprise
anyone if we have another round of tax reform. Phoenix will continue to provide updates on this
topic."