Comments on: Estate tax law: New legislation may cure confusion /news/2009/08/31/estate-tax-law-new-legislation-may-cure-confusion/ Building and Construction News in Portland, Oregon and the Pacific Northwest Fri, 04 Sep 2009 01:14:12 +0000 hourly 1 https://wordpress.org/?v=6.6.6 By: ed /news/2009/08/31/estate-tax-law-new-legislation-may-cure-confusion/#comment-380 Fri, 04 Sep 2009 01:14:12 +0000 /?p=41041#comment-380 The best way to change the estate tax is to eliminate it.

If I choose to give 5 million dollars that I have paid taxes on already as a gift to some guy down the street why should I have to pay an additional 2 million to uncle Sam for the privilege.

btw I don’t want an insurance policy making uncle Sam the beneficiary.

]]> By: Ralph Petrillo /news/2009/08/31/estate-tax-law-new-legislation-may-cure-confusion/#comment-360 Tue, 01 Sep 2009 14:12:38 +0000 /?p=41041#comment-360 The best way to change the estate tax is to allow for a $ 2 million dollar exemption for each dependent for parents. So a family with one child would be able to give $ 2 million tax free to their child. While a family with five children would be able to give $2 million to each child for a total of $ 10 million. Any additional money should be taxed at the long terms capital gains federal tax rate of 15% plus 5% for the states. for a total of having a 20% estate tax. No exemptions would be allowed for foundations. . This simplifies the estate tax. Any person who feels that 20% is to much can simply buy a life insurance policy. Existing foundations would be sent a bill for 20% and foundations would no longer be allowed to escape taxation.

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