Re: Death Tax Repeal? -- Insurance Forum

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Date Posted: Tue, June 11 2002, 21:23:38
Author: Brent D. Gardner, ChFC
Subject:

Re: Death Tax Repeal?
In reply to: Keith Busmente 's message, "Death Tax Repeal?" on Tue, June 11 2002, 19:32:34

>Well, let's get the ball rolling here. I was flipping
>through the boob-tube during lunch today and happened
>to stumble upon the Senate's Estate Tax debate. From
>the limited amount of time I was able to watch, it
>appears that the left wants to raise the
>deduction/credit while the right wants to eliminate
>the stepped-up basis. Does the Gramm/Kyl proposal
>eliminate stepped-up basis for everyone, or is there a
>threshhold? Any input by someone with more knowledge
>than myself would be greatly appreciated. ;>)

I wish I knew!

The more I think about it, the more I realize that the repeal is bad for the country. Other parts of the world suffer as a result of the concentration of wealth. Our system has thrived because it encourages capitalism and entrepreneurship.

There is no inherent evil in a death tax.

The real question is how much should that tax be? How much should we be allowed to leave without a levy? I think $1 million is a good place to start. With good planning, one can keep a family business in the family, so there really isn't a need to change the system, IMO.

But eliminate? No, that would be bad. Very bad.

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