There could be an estate tax making death more of an incentive for some?

At the end of 2009, Congress allowed former President George W. Bush’s estate tax to expire. Many of the wealthy people were trying desperately to stay alive as advice by Senate until following the tax was over, January 1, 2010. That way, their families would keep away from having to pay a 45 percent estate tax (or death tax, if you prefer). These estate taxes are probably coming back in 2011 unless Congress decides to try and change the law.

If the estate tax is 55 percent, there can be less of an exemption

55 percent is what the top estate tax rate will rise too while exemptions that used to be $ 3.5 million per individual will fall to $ 1 million, according to the Wall Street Journal. Even if they have to borrow money, eight times more taxpayers can be paying estate taxes now. An example of how the new estate tax would affect a $ 5 million estate is given by the Journal. If the wealthy individual dies one minute after midnight on January 1, 2011 rather than just two minutes earlier, the added estate tax cost would be over $ 2 million. $ 8 million would be the cost if the estate was $ 15 million. ”I want my cash now” is being said by all the heirs.”

Called ‘The largest increase in a major tax that we’ve ever seen’

Many people care little about rich individuals losing money. Nevertheless, this change in the way estate is taxed is dramatic. Joseph Thorndike of the nonprofit organization Tax Analysts told the Journal “a jump from zero to 55 percent would be the largest increase in a major tax that we’ve ever seen” and a huge pay day for the government and Internal Revenue Service. Elderly estate-holders and their heirs have come to ponder the rather perverse death incentive the looming estate tax provides. Although they have had chances, Congress won’t take any action with fear of the November elections ahead. Many unanswered questions – like whether retroactive extension to the current zero-level estate tax could be approved – weigh heavily on the minds of estate holders and their kin.

Estate tax suicide should never be considered, even by doctors

A human life is worth more than all the riches within the world. Even though patients may be too busy working out their estate tax problems to listen, doctors will tell patients this under their Hippocratic Oath. They partake of such morbid ventures as suicide tourism, where the estate holder near the end of life travels to a nation with aid-in-dying laws. Although both Switzerland and the Netherlands, according to the Wall Street Journal, both allow doctors to aid in suicide, only Switzerland will allow this to be extended to visitors from an additional country.

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Wall Street Journal
online.wsj.com/article/SB10001424052748703609004575355572928371574.html
Oh yeah? Well, Bill Gates’ dad likes it!
youtube.com/watch?v=ZQ_jxLKbbDo