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Novara

(5,861 posts) Thu Apr 16, 2015, 03:30 PM Apr 2015

U.S. House passes estate tax repeal despite veto threat

Source: Reuters

(Reuters) - The U.S. House of Representatives on Thursday ignored a White House veto threat and passed legislation to repeal the estate tax that hits inherited assets worth $5.4 million or more.

By a mostly partisan 240-179 vote, the Republican-backed bill will be sent to the Senate, where Democrats are expected to use procedural hurdles to try to block it. Even if it passes the Senate, it would likely fail to achieve a two-thirds majority needed to override a veto.

<snip>

Repealing the tax would boost the federal deficit by about $269 billion over 10 years, according to Congress' Joint Committee on Taxation.

Few Americans pay the 40 percent tax on assets above the $5.4 million exclusion amount. About 5,400 estates, equal to 0.2 percent of taxpayers, will owe such taxes in 2015, according to the JCT.

Read more: http://www.reuters.com/article/2015/04/16/us-usa-tax-estate-idUSKBN0N723C20150416?feedType=RSS&feedName=domesticNews

32 replies

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U.S. House passes estate tax repeal despite veto threat (Original Post) Novara Apr 2015 OP

Zillionaires got what they paid for. nt onehandle Apr 2015 #1

Fortunately that's not true. drm604 Apr 2015 #7

Zillionaires got their welfare law passed through Congress...it is what they asked and paid for...darn that Obama! Fred Sanders Apr 2015 #9

5.4 million excluded, and they still are greedy for more. Elmer S. E. Dump Apr 2015 #2

and $10.8 million for married couples. nm progree Apr 2015 #15

Do they have to die at the same time? Elmer S. E. Dump Apr 2015 #17

No. But its complicated. I think they have to do some trust-setting-up type stuff while both are progree Apr 2015 #18

I guess you hire lawyers to do all the work when you have that much money. Elmer S. E. Dump Apr 2015 #19

Hey, Richie Rich! Pay your fare share! KansDem Apr 2015 #3

Now watch Boehner claim this is an attack on family farms. Spitfire of ATJ Apr 2015 #4

I don't have to watch. I know it's coming. jmowreader Apr 2015 #6

In the late 1980's I went to school with a guy. His granddad died and they lost a famliy business Arcadiasix Apr 2015 #12

Actually, it's more likely they cashed in. Spitfire of ATJ Apr 2015 #16

I was told the family wanted to keep the business. Both His dad and uncle worked there. Arcadiasix Apr 2015 #21

Some people like to blame "government" and taxes for everything. Spitfire of ATJ Apr 2015 #22

And in some cases they are right Arcadiasix Apr 2015 #23

Actually, owing BACK taxes have done that. Spitfire of ATJ Apr 2015 #24

They could have kept their business lancer78 Apr 2015 #27

Back then the estate tax exemption was $ 600,000 Yupster Apr 2015 #29

yup lancer78 Apr 2015 #31

For decades the estate tax exemption was $ 600,000 Yupster Apr 2015 #25

Veto this crap STAT!!!! nt wolfie001 Apr 2015 #5

The president doesn't just need to veto this garbage jmowreader Apr 2015 #8

The mass media does not think it such a bad idea...wonder why that is?? Puzzling. Fred Sanders Apr 2015 #10

I don't wonder at all jmowreader Apr 2015 #13

THis had better be more than just a threat of a VETO. bvar22 Apr 2015 #11

US Gov: rich people giving themselves tax breaks. L0oniX Apr 2015 #14

And yet there are so many people voting Republican. Their stupidity amazes me no end! Cal33 Apr 2015 #20

Because when uncle Cletis dies Politicalboi Apr 2015 #26

Of course they did... freshwest Apr 2015 #28

Democrats lost the House because candidates moved hard right. Shitty management has consequences. whereisjustice Apr 2015 #30

There's no difference between the parties. joshcryer Apr 2015 #32

onehandle

(51,122 posts)

1. Zillionaires got what they paid for. nt

Reply to Novara (Original post)

Thu Apr 16, 2015, 03:32 PM

Apr 2015

drm604

(16,230 posts)

7. Fortunately that's not true.

Reply to onehandle (Reply #1)

Thu Apr 16, 2015, 04:05 PM

Apr 2015

This will never be adopted. Even if it passes both houses, it will be vetoed.

Fred Sanders

(23,946 posts)

9. Zillionaires got their welfare law passed through Congress...it is what they asked and paid for...darn that Obama!

Reply to drm604 (Reply #7)

Thu Apr 16, 2015, 04:39 PM

Apr 2015

Elmer S. E. Dump

(5,751 posts)

2. 5.4 million excluded, and they still are greedy for more.

Reply to Novara (Original post)

Thu Apr 16, 2015, 03:33 PM

Apr 2015

progree

(10,929 posts)

15. and $10.8 million for married couples. nm

Reply to Elmer S. E. Dump (Reply #2)

Thu Apr 16, 2015, 06:31 PM

Apr 2015

Elmer S. E. Dump

(5,751 posts)

17. Do they have to die at the same time?

Reply to progree (Reply #15)

Thu Apr 16, 2015, 06:38 PM

Apr 2015

progree

(10,929 posts)

18. No. But its complicated. I think they have to do some trust-setting-up type stuff while both are

Reply to Elmer S. E. Dump (Reply #17)

Thu Apr 16, 2015, 06:45 PM

Apr 2015

still alive. Then when one dies, the other must do some more trust kind of stuff. Anyway, its definitely not automatic.

Elmer S. E. Dump

(5,751 posts)

19. I guess you hire lawyers to do all the work when you have that much money.

Reply to progree (Reply #18)

Thu Apr 16, 2015, 06:47 PM

Apr 2015

KansDem

(28,498 posts)

3. Hey, Richie Rich! Pay your fare share!

Reply to Novara (Original post)

Thu Apr 16, 2015, 03:47 PM

Apr 2015

If you want more money, get a second job.

Spitfire of ATJ

(32,723 posts)

4. Now watch Boehner claim this is an attack on family farms.

Reply to Novara (Original post)

Thu Apr 16, 2015, 03:57 PM

Apr 2015

jmowreader

(50,569 posts)

6. I don't have to watch. I know it's coming.

Reply to Spitfire of ATJ (Reply #4)

Thu Apr 16, 2015, 04:02 PM

Apr 2015

Arcadiasix

(255 posts)

12. In the late 1980's I went to school with a guy. His granddad died and they lost a famliy business

Reply to Spitfire of ATJ (Reply #4)

Thu Apr 16, 2015, 04:58 PM

Apr 2015

It jewelry store if memory serves me right. They had to liquidate due to estate taxes. It does happen.

Spitfire of ATJ

(32,723 posts)

16. Actually, it's more likely they cashed in.

Reply to Arcadiasix (Reply #12)

Thu Apr 16, 2015, 06:37 PM

Apr 2015

Arcadiasix

(255 posts)

21. I was told the family wanted to keep the business. Both His dad and uncle worked there.

Reply to Spitfire of ATJ (Reply #16)

Thu Apr 16, 2015, 07:34 PM

Apr 2015

Because of the estate tax they had to sell. They and their employees lost their jobs.

Spitfire of ATJ

(32,723 posts)

22. Some people like to blame "government" and taxes for everything.

Reply to Arcadiasix (Reply #21)

Thu Apr 16, 2015, 09:05 PM

Apr 2015

Arcadiasix

(255 posts)

23. And in some cases they are right

Reply to Spitfire of ATJ (Reply #22)

Thu Apr 16, 2015, 09:18 PM

Apr 2015

Estate taxes hurt many small businesses.

Spitfire of ATJ

(32,723 posts)

24. Actually, owing BACK taxes have done that.

Reply to Arcadiasix (Reply #23)

Thu Apr 16, 2015, 09:27 PM

Apr 2015

lancer78

(1,495 posts)

27. They could have kept their business

Reply to Arcadiasix (Reply #21)

Fri Apr 17, 2015, 12:07 AM

Apr 2015

If the dad and uncle had incorporated and started gifting shares to the heirs. My former employer's grandfather did that to his mom and him. $3,000,000 tax free when the grandfather died. Can't get estate taxed for stuff you already own.

Yupster

(14,308 posts)

29. Back then the estate tax exemption was $ 600,000

Reply to lancer78 (Reply #27)

Fri Apr 17, 2015, 09:37 AM

Apr 2015

Raising it was part of the Bush tax cuts.

600,000 was too low. My aunt got hit hard by it. She was a regular middle class person who died with about 1.5 million in assets.

Today's amounts are reasonable.

lancer78

(1,495 posts)

31. yup

Reply to Yupster (Reply #29)

Sat Apr 18, 2015, 09:53 AM

Apr 2015

and because he had transferred a majority of the shares by the time he died, the heirs saved around $500,000 in estate taxes.

Yupster

(14,308 posts)

25. For decades the estate tax exemption was $ 600,000

Reply to Arcadiasix (Reply #12)

Thu Apr 16, 2015, 09:30 PM

Apr 2015

That really did hit just plain old middle class people hard.

Part of the Bush tax cuts was to raise the exemption and the final compromise with Obama brought the number to where it is now.

To me it's at a reasonable level today where it doesn't hit a lot of regular people.

wolfie001

(2,284 posts)

5. Veto this crap STAT!!!! nt

Reply to Novara (Original post)

Thu Apr 16, 2015, 04:00 PM

Apr 2015

jmowreader

(50,569 posts)

8. The president doesn't just need to veto this garbage

Reply to Novara (Original post)

Thu Apr 16, 2015, 04:07 PM

Apr 2015

He needs to bring a card table and a folding chair out to the front porch of the White House and veto the bill the second it arrives on the grounds, to signify that this is such a bad bill it doesn't deserve the dignity of being brought into the People's House.

Fred Sanders

(23,946 posts)

10. The mass media does not think it such a bad idea...wonder why that is?? Puzzling.

Reply to jmowreader (Reply #8)

Thu Apr 16, 2015, 04:40 PM

Apr 2015

jmowreader

(50,569 posts)

13. I don't wonder at all

Reply to Fred Sanders (Reply #10)

Thu Apr 16, 2015, 05:56 PM

Apr 2015

The mass media is owned by people who will have to pay estate tax when they die.

Go to any city that has a newspaper big enough to justify owning a press or that has a TV station, and start checking out the power elite in that city. Somewhere in the top ten will be the owners of the newspaper and the television stations.

bvar22

(39,909 posts)

11. THis had better be more than just a threat of a VETO.

Reply to Novara (Original post)

Thu Apr 16, 2015, 04:47 PM

Apr 2015

IT SHOULD be a VETO.
No amoung of smooth talking will cover over this mes if it isn't vetoed.

The Estate Tax is one of the fairest taxes in the USA if we are going to call ourselves a Democracy and a Meritocracy.