UnThreaded | Threaded | Whole Thread (69) | Ignore Thread Prev | Next
Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 741802  
Subject: Re: Seeing the Future Date: 1/22/2004 1:59 AM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 7
markr33:

<<Well, count yourself as another Bush (tax cut) supporter. Congratulations.>>

I didn't know Bush favored getting rid of the stepped-up basis along with the inheritance tax.

"No, more than favored, rather it is already passed into law.

See here -

http://www.smartpros.com/x41456.xml

excerpt - Cost basis: What do you guess this time? If you expect it to be market value at the time of death, you are wrong! The 2001 "tax cut" did away with the stepped-up basis after 2010. In its place will be the decedent's adjusted cost basis. "


It was all sleight of hand and misdirection. By calling the estate tax the pejorative death tax and whipping people into a frenzy about something that does not affect the great majority of them, he was able to raise their taxes (and complicate their lives) by abolishing stepped-up basis and replacing with carry-over basis (like lifetime gifts), thereby assuring that all the heirs who inherit from estates that would never have estate taxes pay considerably larger capital gains taxes.

I thought (and continue to think) that it is bad policy, but the politicking was first rate and masterful.

JAFO

Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (69) | Ignore Thread Prev | Next

Announcements

Managing Your Wealth
Our own TMFHockeypop from Rule Your Retirement fame on the TV show Managing Your Wealth.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Apple

Apple and Ninety Years Ago
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement