floppymoose wrote:Mylie10 wrote:Doesn't the estate tax affect more than just filthy rich? Normal people who leave a house behind for their children when they pass have their estate taxed again, after they have paid taxes their entire lives on that property or whatever else is contained in the estate.
No, the estate tax does not apply to people of normal means. You may be thinking of what happens if you don't have a will.. in that case a big chunk may go the state (not sure on details and i think it may vary from state to state). The federal estate tax only kicks in if your estate is worth more than about 5.5 *million* dollars.
It's a fake issue. There are people out there who will never be affected by it who think that they will be, and have been fooled into thinking that repealing it is somehow looking out for them. Repealing it just shifts more of the tax burden to the poor and middle class.
And $11 million for couples.
Republicans who push to abolish the "death tax" say it hurts small family farmers. What a crock, if a family of farmers have over $11 million to pass on, they're not small.