The Pardu

The Pardu
Watchful eyes and ears feed the brain, thus nourishing the brain cells.

Saturday, April 18, 2015

The Estate Tax.....Not For Most Americans

GOP Dot Gov

Inheritance tax

An inheritance tax or estate tax is a levy paid by a person who inherits money or property or a tax on the estate(money and property) of a person who has died. In international tax law, there is a distinction between an estate tax and an inheritance tax: an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the beneficiaries of the estate. However, this distinction is not always respected in the language of tax laws. For example, the "inheritance tax" in the United Kingdom is a tax on the assets of the deceased, and is therefore, strictly speaking, an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the United Kingdom and some Commonwealth countries to refer to the estate tax.
As the law is registered on the Federal Register the Estate Tax simply does not impact nor influence most Americans. Frankly, the tax benefits the nation's upper crust Top 20% income earners and the repeal is also an absolute gift. A gift to GOP money brokers who have the power to push GOP legislators to facilitate higher inheritance freedom to their offspring or designees. The Republicans will pass such a repeal without hesitant, while resisting any proposal to provide financial relief the other less economically privileged. Of course, the GOP jumps to pass a repeal while they same politicians refuse to increase the minimum wage, refuse to approve an extension of unemployment payments and who do not give one damn about pay equity.

The Center for Budget and Policy Priorities (CBPP) published a detailed piece about the Estate Tax on March 23rd, 2015: 

Ten Facts You Should Know About the Federal Estate Tax

Watch what some are calling a "spirited debate" between CNN's Chis Cuomo and an avid supporter of the House repeal of the Estate Tax.

No matter the rationale, the rhetoric, and the subservience governance for the nation's wealthy, the Republicans show clear devotion to their major constituents.

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