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  • Dictynna's Net: Robert Rubin Demands Government Give $250 Billion ... 2 Sep 2010 | 5:46 pm

    One area of the debate over the Bush tax cuts that seems pretty cut and dried is the estate tax. Right now there is no estate tax for 2010. If we do nothing, it will revert back to the Clinton-era rates of 55% for estates over $1 ...

  • Crickets Chirping: Three Great Waves. New Taxes Coming 2 Sep 2010 | 4:55 pm

    top death tax rate on estates over $1 million. A person leaving behind two homes, a business, a retirement account, could easily pass along a death tax bill to their loved ones. Think of the farmers who don't make much money, ... Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don't have the cash sitting around to pay the tax. Think about your own family's assets. Maybe your family owns real estate, ...

  • What will happen with the death tax if the Republicans retake ... 2 Sep 2010 | 3:46 pm

    There is no death tax in 2010. But it's set to come back in '11 w/$1000000 exemption, and anything above that will be taxed at 55%. The.

  • Republic! Republic!: Kind Obama has new Tax's for you! Just in ... 2 Sep 2010 | 3:20 pm

    This year only, there is no death tax. (It's a quirk!) For those dying on or after January 1, 2011, there is a 55 percent top death tax rate on estates over $1 million. A person leaving behind two homes, a business, a retirement account, ... Their children will have to sell the farm, which may be their livelihood, just to pay the estate tax if they don't have the cash sitting around to pay the tax. Think about your own family's assets. Maybe your family owns real estate, ...

  • 1 No Drink By Ergopharm 168g Sweet Deal 2 Sep 2010 | 3:03 pm

    And are all giving 65% death tax, or only the rich? If the 65% death tax isn't because of Obama administration, why is it starting now. That means only 45% of their savings go to their children after they die. If there has always been a ...

 
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Derek's Tax Blog

Tax Attorney Derek JensenI strated this blog as a way to follow the developments in the Federal Estate Tax. However, from time to time I will post on Federal Income Tax issues, the Washington State Estate Tax, Estate Planning, Elder Law, and Business Planning. Please feel free to leave comments.

Estate Tax as Campaign Issue

Written by Derek W. Jensen   
Wednesday, 01 September 2010 08:50
It’s official: Taxes, including the estate tax, are going to be a huge campaign issue this fall.

Since George Steinbrenner's death, I have been trying to pull some common themes from the news on the estate tax. His death definitely attracted some national attention to the estate tax issue. The closest thing to a consensus I could sense was that the Boss got away with one. I take this reaction as a negative for the prospect of increasing the exemption next year above $1 million. The...

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George Steinbrenner - 4th Billionaire to Die in 2010

Written by Derek W. Jensen   
Tuesday, 13 July 2010 08:26
George Steinbrenner joins Dan Duncan, Mary Janet Morse Cargill, and Walter Shorenstein as the U.S. billionaires who have died in 2010 free of the Federal Estate Tax.

Mr. Steinbrenner will be remembered for his contributions to baseball at tonight's All-Star Game. Yankee fans we are relieved knowing that the team will not have to be sold to pay the Federal Estate Tax. Since Mr. Steinbreener residing in Florida, his estate will also avoid the New York Estate Tax.

However, for others his...

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New Bill Includes A 65% Tax Rate

Written by Derek W. Jensen   
Thursday, 24 June 2010 10:31
Sen. Bernie Sanders (I-Vt.) introduced legislation today to restore the estate tax. It includes a shockingly high maximum rate of 65%. See article.

However, this bill may be more about making a political point than seriously offering a resolution to the estate tax drama. Consider:The bill was introduced 2 weeks after a New York Times article on how "A Texas pipeline tycoon who died two months ago may become the first American billionaire allowed to pass his fortune to his children and...

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Small Business Loans and Estate Tax

Written by Derek W. Jensen   
Tuesday, 25 May 2010 08:54
In the struggle over priorities, it appears that estate tax relief has hit another road block.

President Obama on Tuesday pressed congress to pass a small business relief bill. The President stated, "This legislation should ensure that credit-worthy small businesses owners can get the capital they need to expand and create jobs. It should include needed tax relief, like our proposal to completely eliminate capital gains taxes for those making key long-term investments in small...

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Are Higher Taxes in Your Future

Written by Derek W. Jensen   
Tuesday, 13 April 2010 08:16
YES! So get ready.

Taxes are hitting the news everywhere and not just because your tax return is due this week.Tax Freedom Day comes early: "Tax Freedom Day: Real Or Imagined?" Fox Business asks, "2009 Tax Season: Last Good Year for High-Earning Americans?"Paul Volker thinks taxes should be raised: "Volcker: Taxes likely to rise eventually to tame deficit"Bernanke thinks taxes may have to be raised: "Federal Reserve Chairman Ben Bernanke sounds a warning on growing deficit" and "US faces...

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My First TV Appearance

Written by Derek W. Jensen   
Tuesday, 02 March 2010 21:40
I got a phone call this afternoon from a produce of a local TV show asking if I could be a guest for a segment they were doing on tax increases. Needless to say, tax increases is a subject that I have some interest in. The show is called Red White and America. The hosts are John Renfrow and Michael Rotchadl. You can watch my episode tonight at 10 PM on their web site or locally on channel 22.

The producer learned about me from my efforts on this blog and other postings on my web site. It was...

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That 2009 Feeling

Written by Derek W. Jensen   
Monday, 01 March 2010 08:53
At the end of 2009 there was talk that an estate tax fix would be attached to every major bill that moved through congress. In the end it never was. Today we have word from The Hill's Blog Briefing Room that the estate tax fix will not be part of the tax extender bill being debated this week. This follows on the heals of last month's failure to include it in the bi-partisian version of the jobs bill; which ultimately was not passed. The farther we get into the 2010 calendar, the less likely it...

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