Friday, February 03, 2006
Death and Taxes
Well, it appears that the "Death Tax" in Virginia will finally be repealed this year. Basically it will revoke the inheritance tax (in a graduated fashion) on estates of a million dollars or more.
I have a feeling that the Senate will pass this no problem. Kaine says he supports it, so no veto a la 2003.
Does anyone realize how little a million dollars is nowadays?
Really, the argument for repealing the death tax has gone from "save the farmers" and "save the minority owned businesses" to "save my uncles estate from the gummint". We have something that the upper and middle classes can get behind together on.
Incorporate rapidly escalating real estate values, an improving stock market, and a generally improving economy, and a million dollar estate is not that rare anymore.
Good lord, the "Death Tax" going away. What's next, the Car Tax?
I have a feeling that the Senate will pass this no problem. Kaine says he supports it, so no veto a la 2003.
Does anyone realize how little a million dollars is nowadays?
Really, the argument for repealing the death tax has gone from "save the farmers" and "save the minority owned businesses" to "save my uncles estate from the gummint". We have something that the upper and middle classes can get behind together on.
Incorporate rapidly escalating real estate values, an improving stock market, and a generally improving economy, and a million dollar estate is not that rare anymore.
Good lord, the "Death Tax" going away. What's next, the Car Tax?
