Quote:
Originally Posted by boneheaddoctor
You don't have to be wealthy to get burned by an estate tax........
Problem is many places like PA have a pretty horrible STATE estate tax that will gobble up 50% of you poor dead relatives assets before you even get them.
And that applies to a person who has $300,000 in total assets as well as a rich person. My mom is hardly confortible much less rich. And she is working hard to tie up assest so the state won't grab them before me and my brother get anything before she passes on. Which I hope will not be for many more years. And PA is a heavily Democrat state run by democrats, adn has one of the worst Estate taxes in the country.
Reps............they do far more than minorities than the dems do......look who tries to appoint Minority Judges etc, then look who tries to block them.
Look who had minority cabinet members etc......Dems talk big about minorities, but talk is cheap. THe Republicans actually do far more for them.
|
Not quite, here is the 2003 Penn estate tax. It starts at $700k. The rate for 10 million is about 15% Further, I was not refering to a state tax but rather the fed estate tax which affects approximatly 1% of US families.
Pa. Estate Tax Amounts and Rates in 2003 under Act 89 Taxable
Estate Tax
Taxable
Estate Tax Marginal Rate AverageRate
$700,000 $0 0% 0%
$750,000 $18,500 4.80% 2.47%
$850,000 $25,200 4.80% 2.96%
$950,000 $30,400 5.60% 3.20%
$1,000,000 $33,200 5.60% 3.32%
$2,000,000 $99,600 7.20% 4.98%
$3,000,000 $182,000 8.80% 6.07%
$5,000,000 $391,600 11.20% 7.83%
$7,000,000 $638,000 12.80% 9.11%
$10,000,000 $1,067,600 15.20% 10.68%