McNerney Votes AGAINST Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009 State, National, International, posted by Bill, a resident of the Another Pleasanton neighborhood neighborhood, on Dec 7, 2009 at 10:21 pm
You can sure tell that McNerney has no intention to improve our economy and the financial burdens we all face. See what he voted AGAINST.
Permanent Estate Tax Relief for Families, Farmers, and Small Businesses Act of 2009
House Roll Call No. 929
111th Congress, 1st Session
The House passed H.R. 4154, to amend the Internal Revenue Code of 1986 to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal and to retain the estate tax with a $3,500,000 exemption, by a yea-and-nay vote of 225 yeas to 200 nays, Roll No. 929.
Posted by i agree, a resident of the Another Pleasanton neighborhood neighborhood, on Dec 8, 2009 at 1:18 am
I am completely against tax free receipt of inheritance by a bunch of slackers who never did one single thing to earn it. No good has ever come of giving people money that they have not earned. Tax free inheritance between spouses is fine, tax free money to kids who never did anything to deserve it is stupid.
Posted by Curious, a resident of the Del Prado neighborhood, on Dec 8, 2009 at 12:03 pm
Please correct me if I am wrong, but my understanding is that the "Estate Tax" only affects the top 1% wealthiest Americans. Frankly, I cannot really get my righteous indignation going for the Paris Hiltons of the world being denied a tax free inheritance.
Posted by dublinmike, a resident of Dublin, on Dec 10, 2009 at 10:09 am
From my college tax course, the original intent was to mitigate the effective power of large estate owners when the heirs inherited vast wealth. In plain English, the estate tax was an attempt by our leaders to chop off the knees of any attempt in our fledgling country for the creation of dukedoms. Obvious, it failed.
From what I can tell, the exclusion amount was never adjusted for inflation much like the alternative minimum tax.
It also has the "one size fits all" problem: it doesn't matter if the estate is in Oklahoma or Marin county.
McNerney voted for this to help the family farms, as I recall. You cant' discriminate against the Hiltons of the world although it does sicken me sometimes when I see the poverty around me.