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Author: libc Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120784  
Subject: Re: Bush Elected = Elimination of Estate Tax? Date: 10/22/2000 4:32 PM
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libc continues his crusade. I should put on my LP with Bobby Short singing "Johnny One Note." (Atlantic SD 2-610).

[And what is your judgment? Does "Johnny One Note" mean that this topic is the only subject I can talk about? Does it mean that I have a vested (getting a pay-off from some person or entity) interest? Please tell me what you mean by "Johnny One Note" also tell all of us what if anything you are attempting regarding estate tax reform.]

Having made that snide remark I should say that I favor the elimination of the estate tax.

[Why do you make snide remarks...are you George W. Bush's clone?]

[Why do you favor the elimination of the estate tax are you Bill Gates's clone?]

However, what I can't see is a provision of the failed bill from a couple of months ago. This would have eliminated the estate tax while continuing the step-up in basis. (There are of course complications that a short message can't address properly.)

[Come again...IF IF IF IF HR-8 became law and stayed as is for 10 years and IF IF IF it went into being the current stepped-up-in-basis rules WOULD NOT APPLY...AND YOU KNOW IT!]

So let us consider two possibilities. Both assume the estate tax goes away, and the step up continues.

[It cannot continue tax reduction must be "tax neutral" the elimination of the estate tax is paid for by a capital gain tax...and you know that.]

1) You sell something at a hefty profit, and pay the tax. Then you die.

2) You die, and your heirs sell the something immediately, and pay no tax, because of the step up.

I can think of no reason why these two situations should be treated differently for tax purposes. As I see it, if you had to pay tax on something when you were alive, then it is only equitable that somebody should have to pay that same tax if you are dead.

[As I read the above statement it appears to be in conflict with your item 2)....fear not except for keeping my message on my website...and providing it as an answer when appropriate...I no longer fight a cause for all Americans...WHO DO NOT CARE...DO NOT UNDERSTAND...AND DO NOT WANT TO TAKE THE TIME. I am not in the business of changing the world.]

LIBC
William D. Brownlie, CLU, ChFC, CIP, LIA

P.S. God Bless America it will need it if GWB prevails...for me GWB is: FORM OVER SUBSTANCE - SIZZLE OVER STEAK - PERSONALITY OVER DEPTH


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