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Originally Posted by sandybill2
I have not voted yet---I have never researched-pondered, etc., over any vote in my life (61 yrs and have voted in every election) as I have with this election. My main concerns are my son--40 yrs old--always worked his entire life--for a small company owned by my sister. I have seen her struggles---no retirement plan because she cannot afford to offer her employees such a extravagant extra---One of my main concerns is to leave my son "something" after I have left this world so he can have some sort of retirement. I don't see this happening with BO---If you can believe what you read, he wants to reinstate "death tax"--If this is not so, someone please let me know. I cannot understand how someone feels that a "death tax" is acceptable. My husband and I have always lived below our means and saved and saved. I worked for 30 plus years--as did my husband--to be able to afford a retirement. we payed taxes on EVERYTHING that we earned--interest, capital gains, etc. Why should our son be made to pay a "death tax" on anything that we happen to leave---when "it" has been taxed and taxed and taxed?????
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The death tax has been overplayed for years.....When my mother died her estate was way under the limit therefore we filed a small estate probated will. No taxes at all. Obama's plan is to raise the limit to 7 million dollars per couple and leave the estate tax at 45%. From his website:
Estate Tax: The estate tax would be effectively repealed for 99.7 percent of estates. For the remaining 0.3% of estates over $7 million per couple, Obama will retain a rate of 45%. This policy would cut the number of estates covered by the tax by 84 percent relative to 2000.