More Taxes Coming?. . . Or Not?

Denise Holmes / Keys To Liberty

Apparently there are some new taxes headed our way if Congress refuses to act. It is labeled an estate tax on what you pass on to your children and other relatives. There are several articles on the web and several Bills before Congress. This article spells out the current problem. The current estate tax is going to jump on January 1st of this year to include a taxing of estates on anything more than 1 million dollars in assets. The law that is retiring taxes assets above 5 million at 35%; the new one will raise the tax to 55% while lowing the threshold to 1 million dollars.
In reality it won’t hurt the super wealthy, but will affect farm and ranch lands, which can easily exceed 1 million in value. Farmers and ranchers are just squeaking by in this economy. What is looks like and smells like is Agenda 21, designed to clear the lands of people for nature to inhabit. If you can’t pay the tax upon the death of the owner, the government will be glad to accept title and pass it on to the United Nations under Agenda 21. (Solutions will follow.)
It is a win – win for the liberals, who can’t seem to fathom that it won’t affect the wealthy. In their zeal for class warfare, the liberals can’t see their nose in front of their face.

How is that possible that it won’t affect the wealthy?

The elites have taken their money and assets and placed them in trusts and foundations, many of which are overseas; all protected from laws in the United States. As inflation takes hold in the coming years a million won’t equal a great deal of money anymore. Remember the German Weimar Republic when a million marks, might buy a loaf of bread. At some point fiat currency always turns to inflation and always goes down in value; meaning it takes more to buy the same products.

A lot of the Bills in Congress want to correct the estate tax, while some want to adding a federal sales tax. In this Bill, H.R. 16 It is titled Sensible Estate Tax Relief Act of 2012 . Here they are preventing the retiring the Economic Growth and Tax Relief Reconciliation Act of 2001 from increases at the above high level, they are still increasing them some, but this Bill will only last another year as it is written. Meaning Congress will have to write another Bill in one year to prevent the high estate tax from continuing on again. With the Bill causing this drastic increase originating in 2001, you would expect them to have the foresight to extend this Bill beyond 1 year. This Bill has 14 Cosponsors.

continue at Keys To Liberty:

http://keystoliberty.wordpress.com/2012/11/25/more-taxes-coming-or-not/