Estate Tax

Estate tax is also known as the "death tax".  It is a regressive tax on the estate of a deceased person above a certain exempted amount.  Currently the exemption for the federal estate tax is two million dollars but in 2010 it will be suspended all together for one year.  It is scheduled to resurface in 2011 with an exemption of one million dollars.  Many States also impose an estate tax.

Financial assets payable or transferable upon death along with life insurance benefits, if the deceased owned the life insurance policy or if it was payable to the estate, are included in the total assets of the estate for tax purposes.  However, charitable contributions by the estate can be used to reduce the taxable amount of the estate.

The estate tax rate adjusts slightly year to year but hovers right around 50% on the taxable amount of an estate.  It is believed by sane people that this tax should be abolished.  It destroys small family businesses when the primary owner of the business dies.  For instance, a family owned business started and owned by ones father worth $5 million and earning a reasonable $400,000 yearly would create an estate tax burden of at least $1.5 million.  If the father owned other assets such as a $500,000 home, another $250,000 in estate taxes would be owed.  Few families in business for themselves are able to make a $1.5 million to $2 million dollar sudden payment without selling their father's business and, thus, putting themselves out of business.

Unfortunately, many in Congress cannot control their penchant for large spending bills and prefer to tax the heck out of Americans rather than reign in their spending appetite.

Estate Tax Best Sellers from Amazon.com

The Complete Guide to Investing in Real Estate Tax Liens & Deeds: How to Earn...
by Jamaine Burrell
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Customer Review: This book will help you identify if you want to get involved in tax Lien Investing. I loved it!
 

Profit by Investing in Real Estate Tax Liens: Earn Safe, Secured, and Fixed R...
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Customer Review: This is probably the best book to buy on the subject, especially if you live in Florida where the author resides.
However, the latest edition is outdated already. There are no tax lien auctions to attend in Florida, as most
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Every Landlord's Tax Deduction Guide
by Stephen Fishman J.D.
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Customer Review: I got this book for information on what kind of tax deductions I can take with my house rentals, it is very easy to read and understand. I would, and have recommended this book to my friends.
 

The 16% Solution: How to Get High Interest Rates in a Low-Interest World with...
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Rich Dad's Real Estate Advantages: Tax and Legal Secrets of Successful Real E...
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Estate Tax News
GN News

• Defusing The Tax Time Bomb Wall Street Journal
The Business InsiderDefusing the Tax Time BombWall Street JournalIf Congress does nothing, taxes on wages, capital gains and dividends will leap, the estate tax will be resurrected at a 55 rate and the pesky alternative Commentary: The Case for a Strong Estate TaxOMB WatchEstate Tax UpdateAgWeb blogBush tax cut expiration will move to fall agendaAda Evening NewsLexology registration Updated News Las Vegas Review Journalall 187 news articles raquo
• Congress Likely To Punt On Estate Tax Until Fall Or Later InvestmentNews
Congress likely to punt on estate tax until fall or laterInvestmentNewsBlanche Lincoln, D Ark., and Jon Kyl, R Ariz., to set the estate tax rate at 35 permanently and allow a 5 million exemption probably won39t see Estate tax reform progress madeSoutheast Farm PressDeath Tax legislationAnahuac Progressall 3 news articles raquo
• Freedom Fest, Taxes, Deficits Southeast Missourian
Freedom Fest, taxes, deficitsSoutheast MissourianOne of the items discussed was the estate tax. Some presentations and booths dealt with overseas investments and tax strategies to reduce death taxes. and more raquo
• Extending The Bush Tax Cuts Washington Post Blog
Telegraph.co.ukExtending the Bush tax cutsWashington Post blogYes, we can debate the details of the tax code, yes some changes would be good, and yes there is a difference between inheritance tax and estate tax, Inaction on Bush tax cuts will hit many instantlyThe Hill blogNo To OligarchyVeterans Today NetworkEd Weaver: So much to get to Troy RecordForbes blog CNNMoney Congress Matters blogall 264 news articles raquo
• Nifty Move Gives Trust Option Year On Taxes New York Post
New York PostNifty move gives trust option year on taxesNew York PostAnd it assigns Steinbrenner39s lawyer, Robert Banker, to decide whether that trust pays federal estate tax for this year, or not until after Joan and more raquo