MRAA weighs in on estate tax repeal

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Minority whip Jon Kyl, R-Ariz., is pushing to add a repeal of the estate tax to a small business bill coming soon to the floor of the U.S. Senate.

Currently, there is no estate tax because it expired at the end of 2009. But, if Congress does not act, it will return even stronger in 2011 when the top tax rate will jump to 55 percent and the per-person exemption will be set at $1 million, the Marine Retailers Association of America reports.

Kyl has been working with Sen. Blanche Lincoln, D-Ark., on an approach that would result in a top estate tax of 35 percent and a per-person exemption of $5 million.

The Marine Retailers Association of America sent a letter to the Senate, signed onto a newspaper advertisement with the National Federation of Independent Business and will continue to closely watch the estate tax repeal issue, the association said in a statement.

Comments

2 comments on “MRAA weighs in on estate tax repeal

  1. Chris Foster

    The Federal Estae tax is one of the most unfair taxes there is. All through one’s life income, interest, and capital gains are taxed by local, state, and federal governments in numerous ways on many levels. To tax one’s accumulated wealth simply as a result of death is preposterous. This tax more than any other has been the reason for the sale of family farms and small businesses. I’m sure this bill will be lobbied against by the life insurance industry as they love to sell life insurance as a way to pay estate taxes. This tax serves only as a penalty to the conscientious, hard working Americans who have managed their affairs responsibly and have managed to accumulate some degree of financial success, as opposed to the debt laden, foreclosure ridden, hyper consumption society we seem to have become. Just remember, a poor man never gave me a job. How about you?

  2. pinkwank

    The Federal Estate tax is a very fair and equitable tax. Ask the richist individuals in the country. Gates, and Buffet support the tax bacause they have actually opened their eyes and looked around at a country in decay. Where are we going to make up billions of dollars annually, from a tax that only affects 1% of the population. Trickle down has not worked. The rich are getting richer, and the poor are getting poorer. The US has a 13 trillion dollar National Debt / 1 billion a month on 2 wars /1.2 trillion dollar annual deficit / infrastructure falling apart / 50 million illegal aliens / less than 50% of high school students that graduate /  infant mortality rate listed as 67th in the world / our elderly make a daily decision to pay bills, or eat .. sometimes eating cat food, No body that has responded is worth more than 7 million anyway so wake up and unless you can figure out how to make up the revenue lost, rap on your poor elderly neighbor’s door, and offer some help.

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