I regret the error

by David Safier
I wrote a post about tax hikes, estate taxes and Tea Partiers. In it, I approximated the amount an estate has to be worth before it's taxed at $1 million.

A reader corrected me. A single person's estate has to reach $3.5 million before it's taxed. For a couple, it's $7 million.

The max was $675,000 in 2001. The Bush tax cuts edged it up every few years. If what I read is correct, the Bush cuts have the estate tax disappear completely in 2010 (really, really rich people probably want to hide from their relatives that year), then revert to the $1 million mark in 2011 — a bit of tap dancing necessary to keep the total cuts under the magic $1 trillion figure.

So when I looked across the street at the people carrying Taxed Enough Already signs, I should have asked myself, "Are they worth $3.5 million each?"

I regret the error.

0 responses to “I regret the error

  1. I stood with friends and neighbors to block the bank from taking possession of the family farms of my neighbors during the wave of foreclosures of family farms resulting from the Savings & Loan scandal of the 1980’s. Where were these tea baggers then?

  2. Even when it was lower, Republicans did a search for a small farm that would be hit by the estate tax, so they could use the farmer in their commercials. They never found their spokesperson because they did not exist.
    http://www.nytimes.com/2001/04/08/us/talk-of-lost-farms-reflects-muddle-of-estate-tax-debate.html?sec=&spon=&&scp=1&sq=2001%20%22Almost%20no%20working%20farmers%22&st=cse

  3. They may not be worth $3.5 million but the radio talking heads who are stirring them up (i.e. Rush Limbaugh, Sean Hannity and Glenn Beck) are probably worth at least that.

    So what it boils down to is that Rush, Sean and Glenn are organizing their own ass…(et) protection plan.

  4. Yawn! When you want to post something other than lies..please feel free.

  5. David;

    All I read on your blogs is to INCREASE TAXES on Education-number one INCREASE TAXES on HEALTHCARE number two and DECREASE INCENTIVES on PRIVATE EDUCATION and PRIVATE HEALTHCARE!

    Now lets stop the mind games and word games!

    The so called demonstration in front of the Giffords Office was attended by ALL parties not just one group as YOU represented!

    The calling of a bunch of old busy-bodies sitting around on furniture donated from Good Will at a donated house next to a rental car storage lot call Democratic Headquarters is a JOKE!

    All we Moderate Democrats ask of Progressive Democrats is as we pay just as much or more in taxes to at least have some consideration when YOU expect us to pay MORE in taxes to pay for your healthcare for a Government Mandated Plan; when YOU already have healthcare!