Estate Tax-Federal Estate Tax

trovalta_stinks_2 asked:


A rich guy acting against his own self interest and instead acting in the interest of his country?

“Without the estate tax, you in effect will have an aristocracy of wealth, which means you pass down the ability to command the resources of the nation based on heredity rather than merit,” Buffett told the New York Times in 2001. “[Repeal would be like] choosing the 2020 Olympic team by picking the eldest sons of the gold-medal winners in the 2000 Olympics.”

Typically, fewer than 2 percent of deaths result in estates sizeable enough to be subject to the estate tax. In 2006, for example, less than 1 percent resulted in taxable estates.

It’s estimated that the estate tax will raise roughly $355 billion over the next 10 years under current law, according to the Tax Policy Center.
http://money.cnn.com/2007/11/13/pf/taxes/buffett_estate_tax/index.htm?section=money_topstories

Kermit Mclearan

Jill S asked:


My Mother in Law passed away over 3 years ago. She had outstanding credit card bill of over $5,000. I am now getting a notice from the bank saying her estate is responsible for the tax of that write off. The only problem is she had nothing when she died. No property, no money, no estate. Nothing. Do I now have to pay for this write off. I am very upset about this. Thanks for your answer.
It is not a collection agency. It is Bank of America stating they wrote it off, and the estate must pay.

Aleksandra