Skip to content


Will ‘Fiscal Cliff’ Accelerate Millionaire Deaths?


John Carney
CNBC.com
Dec 28, 2012

Because the “fiscal cliff” will not stop for death, it looks as if death’s carriage may make a “kindly” stop to pick up some American millionaires this year, to paraphrase Emily Dickinson.

In 2010, after a year in which the estate tax was zeroed out altogether, Congress passed a law that set the estate tax at 35 percent and exempted all estates under $5 million, adjusted for inflation. That law expires in January 2013 when the exemption will fall to $1 million and the tax will rise to 55 percent.

Many families are faced with a stark proposition. If the life of an elderly wealthy family member extends into 2013, the tax bills will be substantially higher. An estate that could bequest $3 million this year will leave just $1.9 million after taxes next year. Shifting a death from January to December could produce $1.1 million in tax savings.

It may seem incredible to contemplate pulling the plug on grandma to save tax dollars. While we know that investors will sell stocks to avoid rising capital gains taxes, accelerating the death of a loved one seems at least a bit morbid”perhaps even evil. Will people really make life and death decisions based on taxes? Do we don our green eye shades when it comes to something this serious?

Full article here

 

Related Posts with Thumbnails

Posted in General News.

Tagged with Congress, death, tax.

Support #altnews & keep Dark Politricks alive

Any support to keep this site running would be much appreciated! If you see any adverts that interest you then please visit them as it helps me without you even needing to give me any money. A few clicks is all it takes to help keep the servers running and #altnews alive!

Please remember I have written hundreds of articles for this site and I host numerous amounts of material that has been taken offline by their original hosters which would be unavailable for viewing if it wasn't for this site. Therefore I would kindly ask you to help support me so that the site can continue doing what I think is an important job as well as reporting on stories the mainstream media would rather you didn't know about. I personally think it is important to host material such as removed reports that show that even FOX News once repoted on Israeli spy rings following the 9.11 hijackers before September 11th Or publishing the original Liberal Democrats Freedom Bill which was removed from their site once they enacted some watered down rubbish instead once they got into power.

However if you don't want to use the very obvious and cost free ways (to you) to help the site and keep me writing for it then please consider making a small donation, especially if you have a few quid sitting in your PayPal account doing nothing useful!


0 Responses

Stay in touch with the conversation, subscribe to the RSS feed for comments on this post.



Some HTML is OK

or, reply to this post via trackback.



css.php