Blogs Derek's Tax Blog
Derek's Tax Blog
I 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.
Written by Derek W. Jensen
The producer learned about me from my efforts on this blog and other postings on my web site. It was...
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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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Written by Derek W. Jensen
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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...Read more...
Written by Derek W. Jensen
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Friday, 26 February 2010 17:04
OMB Watch reports that a coalition group has released a "Statement of Principles on Estate Tax Legislation". Apparently, OMB Watch is a member of this group, Americans for a Fair Estate Tax. It is unclear who other members of this coalition maybe. Nevertheless, the statement reads like a talking points memo on why the estate tax should be retain. It hits all pro-estate tax high points: cost of other proposals when we are facing a deficit; progressive nature of the estate tax; tax fairness...Read more...
Written by Derek W. Jensen
Washington State, like many...
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Wednesday, 17 February 2010 09:01
If enacted Washington residents could be paying in excess of 75% in estate taxes. Currently Washington State has some of the highest state estate rates in the country. Today we have a $2 million exemption, with a 10% tax that climbs up to 19% at $9 million and above. However, HB 3184, which was proposed on February 13, 2010, would double the tax rates to a 20% estate tax for estates larger than $2 million, up to 38% for estates at or above the $9 million level.Washington State, like many...
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Written by Derek W. Jensen
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Tuesday, 09 February 2010 12:49
The bi-partisian jobs bill being rushed through congress this week does not include a fix for the now expired estate tax or its reinstatement Clinton era levels next year. (Reuters) Earlier this morning their had been a report that the a compromise deal on the estate tax was being worked on to "grease the skids for a jobs bill". (The Hill) That apparently won't be needed now. No real comment on this other then this agains shows that we should be skeptical of any reports on a pending estate tax...Read more...
Written by Derek W. Jensen
As anyone who has studied the Roth IRA conversions can tell you, sometime pre-paying a tax makes sense. Pre-paying estate taxes isn't a new idea. In fact we have a special name for it. The Federal Gift Tax. Currently taxable gifts are...
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Friday, 05 February 2010 08:43
Would you be willing to prepay estate taxes while you are alive, in exchange for a lower tax rate? This is the idea from Washington's own Sen. Maria Cantwell and it could lead to a permanent compromise on the on the Federal Estate Tax. (Dow Jones Newswire)As anyone who has studied the Roth IRA conversions can tell you, sometime pre-paying a tax makes sense. Pre-paying estate taxes isn't a new idea. In fact we have a special name for it. The Federal Gift Tax. Currently taxable gifts are...
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Written by Derek W. Jensen
When it comes to the estate tax, this year’s budget is a lot like last year’s budget. They both assume that the 2009 estate tax exemption of $3.5 million and tax rates continued into the future. Just like last year we are waiting for congressional action. And like last year, we will see another change in the law next year if congress and the President are...
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Tuesday, 02 February 2010 13:59
When I reviewed the President Obama's Budget, I felt like I was in the Bill Murray movie. Please Punxsutawney Phil, give us guidance!When it comes to the estate tax, this year’s budget is a lot like last year’s budget. They both assume that the 2009 estate tax exemption of $3.5 million and tax rates continued into the future. Just like last year we are waiting for congressional action. And like last year, we will see another change in the law next year if congress and the President are...
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