There could be an estate tax making death more of an incentive for some?

The estate tax made by previous President, George W. Bush, expired at the end of 2009. Rich people were being encouraged by Senate to postpone death until New Year’s Day, 2010. The 45 percent estate tax, or death tax, wouldn’t have to be paid by their families if they could do this. But the estate tax seems to be on its way back in 2011, unless Congress goes against the consensus of experts and really changes the law.

Estate tax at 55 percent, much smaller exemption

It was reported by the Wall Street Journal that exemptions will fall to $ 1 million per individual from the $ 3.5 it was previously when top estate tax rates will increase to 55 percent. That means there will be eight times more tax payers paying estate tax now, even if that means they are borrowing money. The example the Journal gives to illustrate the change is how the new estate tax would affect a $ 5 million estate. If the wealthy individual dies one minute after midnight on January 1, 2011 rather than just two minutes earlier, the added estate tax cost would be over $ 2 million. For a $ 15 million estate, the new cost would be approximately $ 8 million. Many heirs are saying, “I want my cash loan!”

’The largest increase in a major tax that we’ve ever seen’ is what is said about it

Rich people losing money is the least of America’s concerns. However, this change within the way estate is taxed is dramatic. Joseph Thorndike of the nonprofit organization Tax Analysts told the Journal “a jump from zero to 55 percent would be the largest increase in a major tax that we’ve ever seen” and a huge fast cash loans for the government and Internal Revenue Service. The majority are now considering the death incentive provided by the estate tax. Since there are elections within the fall, Congress won’t be taking any action yet. Questions like whether retroactive extension to the current zero-level estate tax can be approved are on the minds of estate holders.

Doctors would never suggest estate tax suicide

A human life is worth more than all the riches in the world. This is something any doctor will tell you – it ties into their Hippocratic Oath – but not all patients are listening, including those sweating out the estate tax problem. Sometimes they will go to other countries where you will find aid-in-dying laws to help them. Switzerland is the only place where doctors are allowed to extend the service of assisted suicide to those from an additional country although the Netherlands also allows assisted suicide, as outlined by the Wall Street Journal.

More information accessible at these websites

Wall Street Journal
online.wsj.com/article/SB10001424052748703609004575355572928371574.html
Oh yeah? Well, Bill Gates’ dad likes it!
youtube.com/watch?v=ZQ_jxLKbbDo