Are People Planning Death to Avoid Estate Tax?

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 ranch, and you wanted to pass your estate on to your children, and you were 88-years-old and on dialysis, and the only thing that was keeping you alive was that dialysis, you might make that same decision."

The congresswoman said she was told about some people's decision to end life-extending medical treatments by their children, but refused to provide their names. Current tax law exempts inheritance, and some wages, interest, dividends, and capital gains, but next year the tax rate would go back up from zero to as high as 55%. Read the full article. (More estate taxes stories.)