NO. You are NOT better off dead.
Administration plans to tax you to death and then some.
The federal estate tax, better known as the death tax comes to life in 2011 at a daunting and almost mobster-like rate of 55 percent.
Although there are some mob-like guys who demand significantly lower rates, the family isn’t quite as organized in their crime as the FED.
“You’re Taxed on all income and assets until you die and then your family enjoys the new tingly sensation of ‘giving’ more than half back over again. How is this even legal? – You work two thirds of your life for the government. It’s wrong and we have to put an end to this corrupt behavior.”- J. Dallas
According to the Wall Street Journal:
Lawrence Summers, President Obama’s chief economic adviser, declared recently that “Let’s be very clear: There are no, no tax increases this year. There are no, no tax increases next year.” Oh yes, yes, there are. The President’s budget calls for the largest increase in the death tax in U.S. history in 2010.
The announcement of this tax increase is buried in footnote 1 on page 127 of the President’s budget. That note reads: “The estate tax is maintained at its 2009 parameters.” This means the death tax won’t fall to zero next year as scheduled under current law, but estates will be taxed instead at up to 45%, with an exemption level of $3.5 million (or $7 million for a couple). Better not plan on dying next year after all.… read full article here
…In other words, by raising the estate tax in the name of fairness, Mr. Obama won’t merely bring back from the dead one of the most despised of all federal taxes, and not merely splinter many family-owned enterprises. He will also forfeit half the jobs he hopes to gain from his $787 billion stimulus bill. Maybe that’s why the news of this unwise tax increase was hidden in a footnote.
With citations and statistics to back them up the NoDeathTax.org points out a few major problems like::
Destroying Jobs and Economic Growth.
The estate tax destroys jobs by reducing the stock of capital – the funds which businesses use to open new operations and create jobs. The Joint Economic Committee found that the estate tax reduced overall capital in the economy by $847 billion over a 10-year period.[ii]
Ruining Family-Owned Businesses and The Upwardly Mobile.
The estate tax poses particular trouble for minorities. According to one study, 87 percent of black-owned businesses said that the death tax is a major impediment to survival.[xiv] A survey of Hispanic business owners found that two out of three respondents said that the estate tax affects their ability to meet company goals by distracting their attention and wasting resources. Half of all respondents in that survey report knowing of a Hispanic small business that has experienced hardship because of the estate tax liability, including “selling off” equipment or the business.[xv]
And Is Double Taxation-
The estate tax is a form of double taxation, which means that it taxes assets which have already been subject to the federal payroll, income and/or capital gains taxes.
The estate tax is imposed on any and all life-savings.
personal property (such as a home, cars, furniture, artwork)
business assets (property, machinery and inventory)
investments (stocks, bonds and real estate)
Most say the tax is horrific and that it’s immoral to place a financial burden on a family that has just suffered the loss of a loved one.