Also knowen as the Paris Hilton Tax
2006-06-08 08:21:21 · 4 answers · asked by Anonymous in Politics & Government ➔ Government
Only two farmes have been lost to the estate tax.
2006-06-09 17:53:17 · update #1
You dont pay estate taxes on anything under $4 MILLION. so unless your parents have more than that, you wont pay a dime.
Only about 1 in 250 people will ever be affected by it.
2006-06-08 08:24:23 · answer #1 · answered by Kutekymmee 6 · 3⤊ 0⤋
yes most certaintly if your parents were to own an small business the property value or machinaire might have to put the company out of business to pay the estates tax. this program does help. a few years ago on 60 minutes had on a few people burnt by estates tax one woman the parents owned a horse farm. she had to sell the farm to pay the taxes and ended working for the new owners just to be involved with the animals.
2006-06-08 16:14:39 · answer #2 · answered by rap1361 6 · 0⤊ 0⤋
Yes, thousands of farmers, who are considered middle class and family owned businesses, also middle class families are effected by it. Without that tax break they would have to sell the family business or sell the farm in order to just pay the taxes.
2006-06-08 15:45:06 · answer #3 · answered by mymadsky 6 · 0⤊ 0⤋
Not really. Most people do not have to pay estate tax because they do not die with enough assets. So the fact that it is disappearing really only helps the very rich.
2006-06-08 15:24:27 · answer #4 · answered by Princess 5 · 0⤊ 0⤋