Gov. Palin said Obama wants to raise the death tax...Ohhhhh

[4 t 4]

how rotten of him. It only affects people that can transfer $1 million dollars or more. How many of you out there plan on doing that ?
What is the applicable lifetime exclusion amount?
The applicable lifetime exclusion amount is $625,000 in 1998 –- scheduled to increase in uneven increments to $1 million in 2006. It is the amount that an individual can pass, free of gift tax during life or estate tax at death to anyone they choose
JUST GOOGLE "Death Tax"
What bull, I've heard her spout that twice now. - Everyone PLEASE try and wake up now !!!

[patomime]

1. Oh, boo hoooooooo!!!!!

Poor little rich people! Gag!

:puke:

[Eric J in MN]

2. John McCain spoke in FAVOR of the estate tax as recently as June 8, 2006.

But now he calls it "unfair."


http://www.huffingtonpost.com/2008/06/10/mccain-panders-to-death-t_n_106254.html

[4 t 4]

5. Once again John

McCain on the wrong side. Who cares about the "F"ing death tax It effects almost No ONE

[last_texas_dem]

10. John McCain's political hero used to be Teddy Roosevelt

He seems to have traded in T.R. for G.W.B. since he started running for president; even if he doesn't dare speak G.W.'s name out loud, he's right in line with him, philosophically.

[FrenchieCat]

3. The Death tax is such a Republican Myth made up out of lies

as is everything else they talk about,
small businesses and their earnings included.
Smart self employed folks don't maintain sole propriertorships
if they are netting $250,000.00! They normally incorporate or set up an LLC

But of course, those who are not informed about such matters swallow
the lipstick and the pig whole, and either pretend they know what they are talking about,
or just plain lie.

Signed,

Sole Stockholder of a Sub Chpt S corp
and Tax Accountant for 25 years,
FrenchieCat

[magellan]

4. Obama needs to straighten them out on this, once and for all

The Repubs have been using the 'death tax' meme to scare stupid people for TOO LONG.

[4 t 4]

7. Just notice in the next

stupid Palin speech, she will say it over and over along with: Her and her husbands commercial fishing business AND Todd's parents Hardware store AND her sister's Gas Station. How many people that you know, that are NOT connected would open a fucking GAS STATION NOW ???? Shoot Me Now!

[magellan]

15. I don't listen to Palin, I don't need the aggro

But I do believe Obama should nip this in the bud finally. We've been hearing about it for YEARS and the Dems never manage to clarify how the death tax DOESN'T affect most of us working slobs. It's another Repub lie to cover another tax break for the wealthy haves and have-mores.

Obama needs to get ahead of this one. Just once.

[Lex]

6. I think it's up to a $3 million exemption now. So unless you die with more than $3 mill

in assets, it doesn't even effect you.

[4 t 4]

8. I would place my money on you being correct....

I was being oh so lenient with a million

[Lex]

16. and it goes to $3.5 million exemption in 2009

So you'd have to leave an estate in assets over $3.5 million for the so-called federal "death tax" to have any effect

[pnwmom]

20. No, that $3 million exemption is only temporary. In 2010 there will be

no estate tax. And then in 2000, we will return to only a $1 million exemption.

So the best year to die, if you have assets over $1 mil, is 2011.

:shrug:

[last_texas_dem]

9. Hey, that line plays to the LIV's

IIRC, there was some poll a few years ago (back when Shrub was making ending the "death tax" (cough, cough) a big part of his tax-cuts-for-the-rich agenda) in which a majority or near-majority of Americans were under the impression that the "death tax" was going to impact them. Sad but true.

[4 t 4]

11. That's exactly it she spouts that

and the sheep standing behind her start to boo when she says that about Obama, they don't realize it has NOTHING to do with them.

[Jack Rabbit]

12. That sounds like a good idea to me

The end of the estate tax was just one way the Republicans shifted the tax burden downwards. It's time to push it back.

[scarface2004]

13. from irs.gov

After the net amount is computed, the value of lifetime taxable gifts (beginning with gifts made in 1977) is added to this number and the tax is computed. The tax is then reduced by the available unified credit. Presently, the amount of this credit reduces the computed tax so that only total taxable estates and lifetime gifts that exceed $1,000,000 will actually have to pay tax. In its current form, the estate tax only affects the wealthiest 2 percent of all Americans.

Most relatively simple estates (cash, publicly traded securities, small amounts of other easily valued assets, and no special deductions or elections, or jointly held property) with a total value under $1,000,000 do not require the filing of an estate tax return. The amount was $1,500,000 in 2004 and 2005. For 2006 through 2008, the amount is raised to $2,000,000.

it s not 'death tax'. also between spouses its unlimited. so if would only hit surviving spouse.

[4 t 4]

14. You Know I was going to say that but...

I didn't have the link. As far as I know it only affects 8 family's. Is that correct ? Does anyone know ?

[4 t 4]

17. Check it out ...

"Your Family"?
Contrary to ad's claim that "your family" might be crippled, the vast majority of families actually are not affected by the estate tax. In fact, less than 3 percent of deceased adults in 2002 had estates subject to the tax, according to the nonpartisan Urban-Brookings Tax Policy Center and figures from the IRS. Just keep in mind the next time Palin speaks she will say HOW BAD OBAMA IS BECAUSE HE WANT"S TO INCREASE THIS TAX. Please everyone PAY ATTENTION!!!!!

[pnwmom]

21. The two percent understates the number of people affected by the tax

(as opposed to those actually paying the tax) since most people at this level arrange their estates to leave money to charity instead of paying high estate taxes. To really account for the number of people with estates big enough to be affected by the tax, you'd need to include these people, too.

[curious one]

18. This woman can't open her mouse and not lie. I am really tired of her.

[4 t 4]

19. She is really Bad

I mean BAD... We thought Cheney was dangerous, forget about it. He was a lamb compared to what her destruction could be. she is a religious nut. God help us all.

[no_hypocrisy]

22. I'm surprised she stopped there and didn't say Obama wants to kill rich old people.

Did you know that as of right now in the year 2010 NO ESTATE TAX AT ALL will be levied on the estates of any citizen no matter their value? Zippo. And on January 1, 2011, the estate tax returns (I forgot the number/rate, but it's notable). Therefore, if the "death tax" IS NOT EXTENDED beyond December 31, 2010, there could be a lot of unexplained sudden deaths to "beat the deadline" (pun intended). Therefore, if Obama is AGAINST extending the "death tax", all those potential deaths will be his fault.

The trouble with Palin is she doesn't employ hyperbole to make her point.