||O'Reilly Said Estate Tax A Seizure Of Property
By: Steve - December 11, 2010 - 9:30am
Wow, O'Reilly has gone off the deep end. Now the crazy fool is saying the Estate Tax is a seizure of property, even though nobody has ever had their property seized from an Estate Tax in the history of America.
Here is what the lunatic said on the 12-9-10 O'Reilly Factor:
This is just ridiculous, to begin with 98% of Americans will never pay an Estate Tax. So O'Reilly is crying about something only 2% of the people will ever get. And here are some other facts O'Reilly never talks about.
Among the few estates that owe any tax, the effective tax rate that is, the percentage of the estate's value that is paid in taxes is less than 20 percent on average.
Estate taxes are due only on the portion of an estate's value that exceeds the exemption level for the tax, not on the entire estate.
At today's exemption level of $3.5 million, a $4 million estate would owe estate taxes on $500,000 at most. Second, a large portion of an estate's remaining value often can be shielded from taxation through various deductions.
It is income for the person who inherits it. Therefore, it is taxable.
The dead person was taxed on it only once. It is not double taxation, no matter how many times O'Reilly says it is.
It's not a seizure of private property, it's a tax on earnings.
This is a tax that effects very few Americans.
They pay NOTHING on the estate up to $3.5 million dollars. No ones property has ever been seized because of this tax, and no family farm has ever been lost because of this tax.
When the republicans changed the name of this tax to the "death tax", the Democrats should have called it the "Paris Hilton Tax", because it only effects huge estates of inherited wealth.
Of all the unfair things in this world, this bothers you O'Reilly? Really, are you kidding me. It seems to me your priorities are pretty screwed up when you waste our time crying about a tax that only effects 2.1 percent of the wealthiest Americans.
Earth to O'Reilly, nobody cares about the Estate Tax, except you and a few other multi-millionaires that will have to deal with it some day. So shut the hell up about it, and report some real news for a change.