There is “H.R.1712 - To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes” pending in congress.
It is co-sponsored by 126 Republicans and the only Democraic Rep. Bishop, Sanford D., Jr. [D-GA-2]. The justification is that “the Estate Tax, more commonly referred to as the Death Tax,…
There is “H.R.1712 - To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes” pending in congress.
It is co-sponsored by 126 Republicans and the only Democraic Rep. Bishop, Sanford D., Jr. [D-GA-2]. The justification is that “the Estate Tax, more commonly referred to as the Death Tax, is a tax on your right to transfer property at the time of your death. This tax puts an unfair burden on family-owned farms and small businesses. Those who have just lost a loved one should not also be faced with this punitive tax.”
The irs.gov Estate Tax web page confirms that “The Estate Tax is a tax on your right to transfer property at your death.” This is problematic enough because the Estate Tax is in effect a capital gains tax substitute for asset transfers that would be subject to capital gains tax if the transfer took place during life. The "Taxable Estate." after deductions may include mortgages and other debts, estate administration expenses, property that passes to surviving spouses and qualified charities. The value of some operating business interests or farms may be reduced for estates that qualify.
Further, A filing is only required for "Taxable Estates" with combined gross assets and prior taxable gifts exceeding $11,700,000 in 2021. I also understand there is a “step up” to estate value at time of death. This gives the beneficiaries of the estate relief from potential capital gains from inception. The stepped up estate value is used by the beneficiaries instead of the from inception value to compute potential capital gains tax .
I’m not sure if any family-owned farms or small businesses are burdened by the 2021 $11,700,000 exclusion. I’m also not sure if H.R.1712 is limited to just family-owned farms and small businesses. Perhaps you can ask at least Democraic Rep. Bishop, Sanford D., Jr. [D-GA-2] if the 700 plus billionaires will also benefit from the elimination of the estate tax. Is H.R.1712 yet another Republican subterfuge to give their billionaire “handlers” an unwarranted tax break at the expense of the bottom 98 plus % of the economy?
Thom
There is “H.R.1712 - To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes” pending in congress.
It is co-sponsored by 126 Republicans and the only Democraic Rep. Bishop, Sanford D., Jr. [D-GA-2]. The justification is that “the Estate Tax, more commonly referred to as the Death Tax, is a tax on your right to transfer property at the time of your death. This tax puts an unfair burden on family-owned farms and small businesses. Those who have just lost a loved one should not also be faced with this punitive tax.”
The irs.gov Estate Tax web page confirms that “The Estate Tax is a tax on your right to transfer property at your death.” This is problematic enough because the Estate Tax is in effect a capital gains tax substitute for asset transfers that would be subject to capital gains tax if the transfer took place during life. The "Taxable Estate." after deductions may include mortgages and other debts, estate administration expenses, property that passes to surviving spouses and qualified charities. The value of some operating business interests or farms may be reduced for estates that qualify.
Further, A filing is only required for "Taxable Estates" with combined gross assets and prior taxable gifts exceeding $11,700,000 in 2021. I also understand there is a “step up” to estate value at time of death. This gives the beneficiaries of the estate relief from potential capital gains from inception. The stepped up estate value is used by the beneficiaries instead of the from inception value to compute potential capital gains tax .
I’m not sure if any family-owned farms or small businesses are burdened by the 2021 $11,700,000 exclusion. I’m also not sure if H.R.1712 is limited to just family-owned farms and small businesses. Perhaps you can ask at least Democraic Rep. Bishop, Sanford D., Jr. [D-GA-2] if the 700 plus billionaires will also benefit from the elimination of the estate tax. Is H.R.1712 yet another Republican subterfuge to give their billionaire “handlers” an unwarranted tax break at the expense of the bottom 98 plus % of the economy?
Thanks for your progressive spotlight