Inheritance Tax Obama

by Pension Forecast

Chris asks…

Obama – Retirement Tax Question?

Is it true that Obama wants a 50% tax put on inheritance, halfing what one would get from their inheritance?

Pension Forecast answers:

If he does, you bet it comes with a jillion strings and about twice as many loopholes. Few of the massive fortunes he is after are touchable by law short of absolute outright seizures.

Steven asks…

Can you honestly say Obama does not have somewhat marxist policies?

Here’s Marx’s pillars of Communism:

Abolition of private property. (Obama would limit property rights)

Heavy progressive income tax. (Obama would raise the taxes on rich, and decrease them on poor)

Abolition of rights of inheritance. (Obama supports the death tax)

Confiscation of property of immigrants and rebels. (Obama doesn’t support)

Centralized credit in the hands of the state. (Obama supports the Federal Reserve, voted for bailout bill)

Centralization of communication and transportation. (Obama supports public transit)

Free education for all children. (Supports current government education system.)

Equal liability of all to labor. (I dont know)

Combining manufacturing and agriculture. (I dont know)

Scary? McCain’s not much better.

Vermon: By 2012 i can vote, so I will help reverse the damage!

Pension Forecast answers:

Obama scares the hell out of me

but his supporters are much scary and disturbing

Donna asks…

There is still a risk that Obama will allow the Bush era tax cuts to expire?

Are my billions in inheritance gold ingots safe in Switzerland, or should I diversify my holdings into other safe havens like the Caymans?

Pension Forecast answers:

Congress will let them expire, not Obama.
And yes – they are due to expire in 2012. Then we will go back to the tax rates that balanced the budget while giving us a period of unprecedented prosperity.

Charles asks…

Why is Obama willing to put the tax hike to the rich on hold?

To me this doesn’t make economic sense. It seems that the economy would be better off if the tax hike took place as a transfer of wealth to the poor who certainly would be forced to spend it. In other words, the government would raise taxes on the rich and give a larger rebate to the poor. It would simply transfer wealth.

I stand to inherit from a rich relative at some point and even I think we should get rid of the inheritance tax break sooner than later. It makes sense to ensure that some poor child gets medical care rather than this inheritance sit in some bank.

Wouldn’t spending money boost the economy and aren’t the poor more likely to spend money?
Lots of interesting answers here. What a wide variety. It seems clear that there is no consensus on why Obama is not putting forward his new tax plan at this time.

If he gives a tax break to the poor it looks like the government will borrow the money and sink itself further into debt. Perhaps he will pull us out of Iraq to some extent in order to provide the rebate to the poor.

Pension Forecast answers:

I’m not sure if that’s true. I don’t believe he ever stated that. If it were though, it would be because a lot of businesses are failing right now and it might be a good idea to not tax them more at this time. That doesn’t mean I think they should never be taxed more, I do. It just might not be a good idea right now. Let’s wait until January though and see where the economy is at then.

Michael asks…

why? are the liberal democrats so angry at a good decison obama made?

which 1. reduces payroll taxes, thus putting more money in peoples pockets and 2 extends unemployment, to help those in need? because of a stupid inheritance tax? that helps the rich? man, i say, let the rich have their money as long as working people get a break,and this compromise by obama was a good thing he did! and i am not a fan of the gop

Pension Forecast answers:

I think they’re just pissed because he is more interested in working with the GOP than he is with them.

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