estate tax

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The Donald's Tax Plan Has Arrived

Promises to simplify tax code, cut income taxes to zero for lowest earners

(Newser) - Slowly but surely, Donald Trump is bulking up the position statements on his website. His immigration and gun rights platforms have now been joined by his new tax plan , which he announced Monday in a press conference from NYC's Trump Tower, CNBC reports. "Too few Americans are working,... More »

Married Gays Grapple With IRS

Taxmen not recognizing same-sex unions

(Newser) - The Internal Revenue Service is refusing to recognize gay marriages, causing headaches for couples who have won the right to wed in their home states, BusinessWeek finds. The Obama administration has urged federal agencies to extend benefits as far as they can to same-sex couples under existing law, but analysts... More »

House Dems Push for Higher Estate Tax

They want to return it to 2009 levels

(Newser) - House Democrats are likely to pass the president’s tax cut deal, but not before changing its estate tax provision. House resolve to block the bill has largely faded in the wake of a strong Senate test vote. But after meeting with rank-and-file members yesterday, senior Democrats tell the Washington ... More »

Are People Planning Death to Avoid Estate Tax?

Rep. Cynthia Lummis says it's the case in Wyoming

(Newser) - Rep. Cynthia Lummis claims her Wyoming constituents are literally planning to die by Dec. 31 to avoid paying estate taxes, which will be reinstated when Bush-era tax cuts expire at year-end, reports the AP . She explained their logic this way: "If you have spent your whole life building a... More »

US Billionaire Is First to Leave Heirs a Tax-Free Estate

For the wealthy, year-long exemption makes 2010 a good year to die

(Newser) - Texas pipeline tycoon Dan Duncan couldn't have died at a worse time for the taxman—and the best time for his heirs' bank accounts. The philanthropist has become the first billionaire in American history to leave behind an estate untouched by taxes, thanks to a 1-year exemption in the estate... More »

Bunning Shows Dems, GOP Are In Different Worlds

Time to give up on bipartisanship, writes Paul Krugman

(Newser) - The big lesson from Sen. Bunning's blockade of unemployment benefits is that the Democrats and Republicans are now in totally different universes, writes Paul Krugman. This is amply demonstrated by Republicam Senator Jon Kyl of Arizona's threat to block a bill extending benefits for the rest of the year in... More »

Over a Lifetime, Being a Gay Couple Can Cost $470K Extra

Detailed analysis takes health insurance, taxes, other benefits into account

(Newser) - An exhaustive analysis of the lifetime costs a committed gay couple faces compared to those of a heterosexual marriage finds that, in the worst case, the gay couple pays out nearly $470,000 extra. The study by the New York Times assumed the couples were together until one partner died,... More »

'Pull the Plug on Grandma'? That's GOP Policy

Republicans, not Obama, willing to let elderly die off: Weisberg

(Newser) - Chuck Grassley’s warning that Obamacare will “pull the plug on Grandma” has become a rallying cry for the GOP’s anti–health reform efforts. But looking at past policies, it’s the GOP that's out to get grandma, Jacob Weisberg writes in Newsweek. A wide range of Republican... More »

Forget AIG: The Outrage Is Estate Tax Giveaway

Ten turncoats make absurd stand on Estate Tax

(Newser) - Ten Senate Democrats have joined with Republicans in opposing President Obama’s plan to reinstate the estate tax, set by the Bush team to expire next year, on amounts over $3.5 million. Michael Kinsley, writing in the Washington Post, has one question: “Why in the world?” Currently, rich... More »

Obama Wants to Revive 'Death Tax'

Estate levy set to expire in 2010; Dems want richest 2% to pay up

(Newser) - With the estate tax—a levy on inheritances dubbed the “death tax” by opponents—set to expire in 2010 as a last gasp of President Bush’s 2001 tax cuts, Barack Obama and fellow Democrats are looking to keep America’s richest paying up, the Wall Street Journal reports.... More »

Time Is Ripe to Pass Cash to Heirs

Struggling market can help you avoid paying estate tax

(Newser) - Sinking stocks offer a window of opportunity when it comes to passing your money on to heirs without incurring huge taxes, Anne Tergesen writes in the Wall Street Journal. Transferring struggling assets to the next generation can mean a big payoff for the heirs when conditions improve—without the estate... More »

It's Our Tax Money Going to Helmsley's Dogs

Charitable donation laws subsidize the whims of the rich

(Newser) - Leona Helmsley’s latest post-mortem shocker—the revelation that she earmarked $8 billion of her charitable bequest for dog welfare—is a perfect illustration of the insanity of our charity laws, writes Ray Madoff for the New York Times. Helmsley isn’t just spending her own money; because charitable donations... More »

Gay Couples Steer Clear of Altar

Many same-sex partners find responsibilities outweigh benefits

(Newser) - As domestic partnerships, civil unions, and even same-sex marriage gain traction, reality has tempered the gay community's exuberant initial reaction, Salon reports. For numerous reasons, both practical and ideological, many couples would rather not get hitched. Those who haven't cite concerns from worry over inconsistent laws to resentment of what... More »

Lott Likely to Snare Lobby Job

Timing of departure suggests he'll return as lobbyist

(Newser) - Republican Minority Whip Trent Lott is quitting the Senate—but he's probably not leaving Washington or politics for very long. The timing of Lott's departure suggests he is planning a lucrative career as a lobbyist, reports MSNBC. A resignation in 2008 would have required a two-year "timeout" before Lott... More »

Why Doesn’t the Right Embrace Huckabee?

Christian leaders care about tax breaks, not charity, NYT argues

(Newser) - Why is it that leaders of the religious right aren’t rallying behind authentically conservative Mike Huckabee, wonders  New York Times columnist Gail Collins. Huckabee—who Collins notes is “on his first wife and first position on abortion”—is the obvious conservative choice, she proposes, but Values Voter... More »

Hillary Offers 401(k)s for All

Feds would match up to $1,000 for middle income Americans

(Newser) - Today Hillary unveiled a new plan, vowing to help Americans retire by matching $1,000 of their savings with federal funds. She says feds can match 50-100% of the first $1,000 saved in a 401(k)-style account, depending on one's income. She plans to pay the $20-$25 billion tab by... More »

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