The Nonprofit Quarterly | @npquarterly | New Estate Tax Law Could Hurt Charity

The Nonprofit Quarterly | @npquarterly | New Estate Tax Law Could Hurt Charity: "December 28, 2011; Source:Forbes | A tax lawyer writing for Forbes suggests that the new tax bill's reinstatement of the estate tax isn't going to be much of an incentive for lifetime charitable giving or charitable bequests. Had the Bush tax cuts expired, the estate tax would have been reinstated with an exemption of $1 million per person and a tax rate of 55 percent. The compromise tax bill set the exemption from the federal estate tax at $5 million per person and the estate tax rate at 35 percent."

Seven Steps For 2010 Heirs - Forbes.com

Seven Steps For 2010 Heirs - Forbes.com: "Unless Congress restores the estate tax retroactively this year, vast sums will pass free of both estate tax and the generation-skipping transfer tax (on assets given to grandchildren). Under a 2001 law, these taxes are scheduled to return Jan. 1 at unfavorable rates that applied 10 years earlier. At that point, the amount that is exempt from each of these taxes will be $1 million, and the tax on the rest will be 55% (60% in a certain phase-out range). In contrast, the tax-free amount last year was $3.5 million, and there was tax of 45% on anything else not going to a citizen spouse or to charity. (For advice on how to deal with the return of the estate tax, click here.)"

Estate Tax Could Come Back With Sharp Bite - Forbes.com

Estate Tax Could Come Back With Sharp Bite - Forbes.com: "Next year many more families may need to worry about federal estate tax and at the same time could have fewer ways to minimize its bite. In fact, the past decade may come to be looked upon as the golden era of wealth transfer."

Estate Tax Lapse Helps Healthy Rich - Forbes.com

Estate Tax Lapse Helps Healthy Rich - Forbes.com: "If you're wealthy, here's some good news: You don't have to die in 2010, have a loved one pass on from natural causes or 'throw Grandma from a train' for your family to save big bucks from the temporary lapse of the federal estate tax."

CQ Politics | House Likely to Delay Estate Tax Consideration

CQ Politics | House Likely to Delay Estate Tax Consideration: "House Democrats are likely to delay consideration of estate tax legislation until after the Thanksgiving recess, aides said."

Will the Estate Tax Disappear? - WSJ.com

Will the Estate Tax Disappear? - WSJ.com: "Many people hope the federal estate tax will disappear next year, as scheduled. They could be sorry if it does.

Back in 2000, Congress enacted a gradual loosening of the estate exemption. It has since risen to its current level of $3.5 million per individual, or up to $7 million per couple. The tax is scheduled to lapse just for next year and return in 2011."

UnionLeader.com - New Hampshire news, business and sports - Bob Backus: Balance the budget with an estate tax on the wealthiest - Friday, Jun. 12, 2009

UnionLeader.com - New Hampshire news, business and sports - Bob Backus: Balance the budget with an estate tax on the wealthiest - Friday, Jun. 12, 2009: "And then there is the estate tax. This is a tax that people too often do not think about rationally. It is derided as a 'death tax.' Why dying should be any less a trigger for a revenue charge than buying property is never explained. In any event, the tax does not fall on the person who died, obviously, but on that person's estate."

Bad economy may blunt effort to ease death taxes | Rhode Island news | projo.com | The Providence Journal

Bad economy may blunt effort to ease death taxes | Rhode Island news | projo.com | The Providence Journal: "PROVIDENCE — If a Massachusetts resident dies leaving behind real estate, savings and other assets worth, say, $750,000, there is no tax due.

If a Connecticut resident leaves the same-size estate, there is no tax due.

But if a Rhode Islander leaves a $750,000 estate, the state may claim the first $20,400 in taxes; heirs and other beneficiaries receive the remainder."

Our view on rewarding the well-born: What deficits or wealth gap? Congress eyes estate-tax cut - Opinion - USATODAY.com

Our view on rewarding the well-born: What deficits or wealth gap? Congress eyes estate-tax cut - Opinion - USATODAY.com: "Our view on rewarding the well-born: What deficits or wealth gap? Congress eyes estate-tax cut
This is no time to reduce rates for richest slice of U.S. society.

In recent weeks, members of Congress from both parties have expressed righteous indignation over bonuses paid to wealthy executives at some financial institutions. Many lawmakers have also deplored the ballooning federal deficit."

No estate taxes at all in 2010? Don't bet on it. - Managing Your Money - Boston.com

No estate taxes at all in 2010? Don't bet on it. - Managing Your Money - Boston.com: "When will the new exemption amount be announced or voted on? That is still unclear but keep an eye on a bill introduced by Senator Max Baucas, the top tax writer in the Senate. Something will have to be decided by the end of this year and hopefully it will be this summer or early fall so people can begin to plan accordingly."

Harry Moroz: The Middle Estate

Harry Moroz: The Middle Estate: "At the beginning of the month, Senator Blanche Lincoln, Democrat of Arkansas, sponsored an amendment to the Senate's budget plan that was designed to provide 'estate tax relief'. In essence, the amendment would increase the exemption from the estate tax to $5 million (it is currently $3.5 million) and lower the maximum rate to 35% (it is currently 45%). President Obama proposes to maintain the current estate tax structure, but index the exemption for inflation."

Senate Passes Amendment to Reduce Estate Tax After Obama Blueprint Calls for Killing Cut - Presidential Politics | Political News - FOXNews.com

Senate Passes Amendment to Reduce Estate Tax After Obama Blueprint Calls for Killing Cut - Presidential Politics | Political News - FOXNews.com: "An amendment put up by Democratic and Republican senators to reduce the so-called 'death tax' passed 51-28 Thursday evening, challenging the plan set forth by the president in his budget blueprint."

Despite long odds, estate tax repeal proposed - The Connecticut Post Online

Despite long odds, estate tax repeal proposed - The Connecticut Post Online: "State Sen. L. Scott Frantz, R-36th District, is picking up right where predecessor William Nickerson left off on the issue of Connecticut's estate tax.

A little over a month after taking office, the Greenwich Republican has already introduced a bill in the General Assembly calling for the repeal of the controversial tax, a measure the Democrats say stands almost no chance of passage."

Carilion's obligation - Roanoke.com

Carilion's obligation - Roanoke.com: "The wrinkle is that Carilion has a partner in its new venture: Virginia Tech. But Tech, which as a state institution is also tax-exempt, was not a party to the agreement with the city.

Under a memorandum of understanding between these two regional powerhouses, signed just this spring, Tech will own and control the medical school. And, a spokesman said last week, it has no plans to pay city real estate taxes on the building."

WebCPA - Institute Lobbies for Permanent Changes to Estate Tax

WebCPA - Institute Lobbies for Permanent Changes to Estate Tax: "|

The American Institute of CPAs sent a letter to the Senate Finance Committee prior to its March 12 hearing on estate tax reform urging lawmakers to make permanent changes to the estate tax prior to the current law expiring in 2010."

Buffett, Sukup Differ On Estate Tax - Money News Story - KETV Omaha

Buffett, Sukup Differ On Estate Tax - Money News Story - KETV Omaha: "Omahan and Berkshire Hathaway head Warren Buffett urged the Senate Finance Committee not to eliminate the estate tax. Buffett said that the money from the tax should be used to help close the gap between the super-rich and the middle class."

Michigan may tax wealthy estates

Michigan may tax wealthy estates: "Michigan may tax wealthy estates
Affecting few, idea could be easier to sell

March 25, 2007

BY KATHLEEN GRAY

FREE PRESS STAFF WRITER

Gov. Jennifer Granholm's idea for a 2% tax on most services might be dead, but her proposal to impose a stiff tax on the estates of wealthy Michiganders is alive.

The tax between 8% and 16% on estates worth more than $2 million -- estimated at about 350 each year in Michigan -- is among Granholm's proposals to balance the state budget. It would generate $119 million in revenues for the 2007-08 fiscal year that begins Oct. 1 and more than $130 million in subsequent years."

WebCPA | Report: IRS Completes Round of Estate-Tax Staff Cuts

WebCPA | Report: IRS Completes Round of Estate-Tax Staff Cuts: "Washington (March 5, 2007) - The Internal Revenue Service completed a round of staff cuts in recent weeks, letting go nearly 100 employees from the division that oversees gift- and estate-tax returns, according to published reports."

From the Crow's nest: Recycling the wealth

From the Crow's nest: Recycling the wealth: "From the Crow's nest: Recycling the wealth
By Ed Chrostowski

At a time when critics are calling for repeal of the federal estate tax, support for extending it comes from unlikely sources — Bill Gates, one of the nation’s wealthiest men, for example.

There is no such backing for Connecticut’s estate tax. In fact, a loud cry for eliminating it once again echoes through the halls of the General Assembly."

OMB Watch - Threat of Estate Tax Rollback Finished for 2006

OMB Watch - Threat of Estate Tax Rollback Finished for 2006: "Threat of Estate Tax Rollback Finished for 2006

Outgoing Senate Majority Leader Bill Frist (R-TN) admitted last week the Senate was unlikely to pass any permanent reduction to the estate tax in 2006, despite repeated attempts and rhetorical ultimatums from Frist and his allies.

Frist has insisted for months that the so-called Trifecta’s component parts - the first increase in the minimum wage since 1997, the extension of a package of popular tax credits, and a major rollback of the estate tax - would be voted on together as a package or not at all. But Frist appears unable to follow through on his threat. Last week, he admitted it was most likely the Senate would work on one or more of the individual parts of the Trifecta bill before finally adjourning for the year in December."

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